Manila, Sept. 25 -- The Private Sector Advisory Council (PSAC) - Infrastructure Sector is proposing a four-year deferment of the implementation of the Real Property Valuation and Assessment Reform Act (RPVARA) to give property owners and local governments more time to adjust.

The proposal was presented during a meeting between the PSAC - Infrastructure Sector and President Ferdinand R. Marcos Jr. at Malacanan Palace on Tuesday to discuss opportunities and challenges faced by the real estate sector.

In a statement on Friday, the council said it asked the President to delay the implementation of RPVARA or Republic Act (RA) No. 12001 by four years, citing the economic pressures faced by the real estate and housing sectors.

The PSAC-Infras...