Marcos signals support for suspending real property tax increases

MANILA — Malacañang indicated Wednesday that President Ferdinand Marcos Jr. supports a bid to suspend increases in real property taxes, responding to appeals from the business community over mounting concerns about the financial impact on property owners.

Palace Press Officer Claire Castro confirmed the president's inclination to back the proposal, which gained traction as property valuations rose significantly, threatening to increase tax obligations for owners across the country.

The Department of Finance has already initiated action on the issue, according to Castro, suggesting the administration is treating the matter with urgency. The suspension would provide relief to property owners facing higher assessed values that automatically trigger larger tax bills.

Business groups have warned that implementing higher property taxes without relief measures could strain cash flow for individuals and corporations alike, particularly in a period of economic adjustment. Property owners have expressed concern that the revaluation cycle would create an unexpected financial burden during inflationary times.

The move reflects the administration's effort to balance fiscal considerations with private sector concerns about competitiveness and property owner viability in the current economic environment.