The Department of Finance (DOF) proposed before the Senate the passage of key legislative measures to accelerate the country’s economic recovery and improve local government finance.
THE Department of Finance proposed before the Senate the passage of key legislative measures to accelerate the country’s economic recovery and improve local government finance.
“The measure mandates the adoption of internationally accepted real property valuation standards, rationalization of the process of valuation, the establishment of a single valuation base for taxation. The bills’ urgent enactment will assist the LGUs in optimizing revenue collections which in turn will promote genuine local autonomy,” Diokno told the Senate Committee on Ways and Means, chaired by Sen. Sherwin Gatchalian.
In addition, the finance chief said they are also supporting the passage of the Military and Uniformed Personnel Pension Reform bill, Capital Market Development bill, Livestock Development and Competitiveness bill, and bills introducing amendments to the Land Bank of the Philippines and the Philippine Crop Insurance Corporation charter.
The current income classification was set in 2008 and is therefore severely outdated, according to Bureau of Local Government Finance OIC-Executive Director Ma. Pamela Quizon.
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