The Department of Finance (DOF) said its Bureau of Local Government Finance (BLGF) is rolling out a project to harmonize policy direction and enhance local fiscal management, particularly in the valuation and appraisal of real properties through digitalization.
In a statement on Thursday, the DOF said the Local Governance Reform Project (LGRP) would ensure the smooth implementation of the Real Property Valuation and Assessment Reform Act (RPVARA), which will establish a just, equitable, and efficient real property valuation system in the country.
With the RPVARA, the government aims to attract more investments and boost local revenues.
The BLGF is an attached agency of the DOF that provides sound, innovative, and up-to-date local fiscal policies to safeguard local financial viability, enhance revenue and resource mobilization, as well as foster good governance and fiscal transparency of LGUs.
It is also the oversight agency of the DOF on local treasury and assessment.
Finance Secretary Ralph Recto, during the 37th-anniversary celebration of the BLGF on Oct. 9, assured local government units (LGUs) that the DOF would help them grow faster.
“For the success of every LGU translates into prosperity for the people you serve,” Recto said.
“And it is the job of the DOF, through the BLGF, to help you succeed in your noble mission. It is our duty to assist you build up your financial capacity to provide better services, unleash your full potential, attain fiscal sustainability, and contribute to national growth.”
He said that through the BLGF’s initiatives in the past years, more LGUs outside the National Capital Region have already joined the billionaire’s row in terms of locally sourced revenues, nearly doubling to 46 last year from 28 in 2019.
“This is a powerful testament to the improving governance, expanding financial capacity, and growing fiscal independence of our LGUs nationwide. Ibig sabihin rin po nito, mas nagiging inklusibo na ang pag-unlad ng ating ekonomiya, at mas maraming Pilipino mula sa iba’t ibang sulok ng bansa ang nakikinabang sa patuloy na progreso. (This also means that the development of our economy is more inclusive, and more Filipinos from different corners of the country are benefiting from the continued progress),” Recto said.
During its anniversary celebration, the BLGF launched the LGRP Manuals; the Electronic Official Receipt and e-Ledger for the BLGF and LGUs’ treasury and assessment operations; the turnover of LGRP IT equipment for the appraisal and assessment operations of pilot LGUs; and the enhanced academic curriculum in real estate management.
Recto said the BLGF would fast-track the implementation of the projects to strengthen transparency in governance, transform LGUs into digitally powered institutions, and upgrade the competencies of local government treasurers and assessors. (PNA)
