14/06/2024
A day after the meaningful celebration of the 126th anniversary of the declaration of Philippine independence, President Ferdinand R. Marcos Jr. gifted the Filipino people with two new laws that will help usher in more revenues and growth opportunities for the country redounding to the improved living condition of more Filipinos.
Speaker Ferdinand Martin Romualdez and other members of the House of Representatives witnessed President Marcos Jr. sign into law Republic Act Nos. 12000 and 12001 in Malacañang Thursday afternoon.
Republic Act No. 12000 or the “Negros Island Region Act” establishes the Negros Island Region to be composed of the provinces of Negros Occidental, including Bacolod City, Negros Oriental and Siquijor. This will result in a more efficient delivery of services to Negrenses as the new law shall promote administration decentralization, strengthen local autonomy, and accelerate economic, cultural and social development in the Region.
Republic Act No. 12001 will institute reforms in real property valuation and assessment by institutionalizing a uniform real property appraisal compliant with international standard. This shall enhance the country’s revenue system and generate more jobs for Filipinos.