MANILA, Philippines — Local government units (LGUs) may have incurred an estimated P30.5 billion in foregone revenues due to their outdated valuation system for real properties, according to the Department of Finance. Another P7.397 billion in revenues may have lost by provinces due to failure to update their system, the DOF said. Based on Tan’s report, only 36 percent of LGUs currently have updated SMVs, while the rest, comprising of 97 cities and 48 provinces, remain non-compliant in updating their SMVs. Moreover, Tan said only 60 percent of the regional district offices of the Bureau of Internal Revenue (BIR) have updated zonal values. Tan said this has led to disparities between market values and zonal values, which range from 13 percent to as wide as 94 percent.

Source: Philippine Star June 03, 2019 16:00 UTC