A special session will be held by the Bacolod Sangguniang Panlungsod 3 p.m. Tuesday  on the proposed City Ordinance No. 14 titled "An ordinance updating the schedule of market value of real properties in the City of Bacolod."

A committee report  on the third public hearing conducted by Councilor Claudio Puentevella, chairman of the Committee on Finance and Appropriation, said the revised draft of the proposed ordinance was based on the inputs submitted and gathered during the conduct of dialogs, business forum, and public hearings.

The report said Mayor Monico Puentevella informed those  present that the finance group and the members of the SP already   agreed to the decision on  a 150 percent cap on all real properties.

Eduardo Suatengco, president of Chamber of Real Estate and Builders Association-Negros Occidental Chapter, said that in order to minimize the impact of the increase, they are requesting that the 100 percent cap be staggered in three years.

Kenneth Tirthdas, president of Subdivision and Housing Developers Association, extended his appreciation to the city for responding positively by putting a cap of 150 percent on the proposed increase. He also echoed the sentiments of those  in the real estate industry who requested that the 100 percent cap be done on staggered basis to mitigate the impact, the report said.

Mayor  Puentevella had  earlier, said  that the last time an update was made was in 2005, and this was contrary to Section 219 of Republic Act 7160 and the Joint Memorandum Circular 2010-01 of the Department of Interior and Local Government and Department of Finance stating that local government units must schedule the market values of real properties every three years.*

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