President Ferdinand Marcos Jr. signed into law the Real Property Valuation and Assessment Reform Act (RPVARA) on Thursday, aiming to modernize the country's real estate landscape.

Marcos signed Republic Act No. 12001 which replaced the outdated valuation system with a uniform real property appraisal system that adheres to international standards.

The RPVARA also establishes market value as the sole basis for assessing real property taxes.

"This new law is borne out of the necessity to enhance the country's tax collection system. We can generate revenues, jobs, and investments all over the country," Marcos said.

"No longer will we rely on the outdated valuation system," Marcos added.

To encourage taxpayer compliance, the RPVARA offers a two-year amnesty on interests and penalties for those with unpaid real property taxes. "We hope this will instill and encourage long-term and consistent tax compliance," Marcos said

The new law, Marcos also said, is one of his administration's priority legislations and is included in the Common Legislative Agenda.

After the new law passed, he congratulated both chambers of Congress for enacting the two laws, including the Negros Island Region (NIR) Act, which are vital and useful.

"And I call on all government agencies to efficiently and effectively implement the newly enacted laws to its fullest extent so our people may reap its benefits at the soonest possible time," Marcos said.