MANILA, March 11 -- Senators unanimously approved on Monday Senate Bill No. 2386 or the Real Property Valuation and Assessment Reform Act (RPVARA), a priority legislation of President Ferdinand R. Marcos Jr..

Senator Sherwin Gatchalian, who sponsored the measure, said the enactment of the measure will provide a respite for taxpayers of real property tax as the measure sets a two-year amnesty on interests and penalties for taxpayers with unpaid real property tax.

"Waiving the payment of interests, penalties, and surcharges on unpaid or delinquent real property taxes through the amnesty component of RPVARA would encourage tax compliance later on and significantly enhance the government's revenue-collection efforts," said Gatchalian, who c...