THE Davao City council's committee on finance had tackled, during a public hearing conducted recently, the proposed increased in zonal valuation recommended by the regional office of the Bureau of Internal Revenue (BIR) Davao Region.

Councilor Danilo Dayanghirang, chair of the committee on finance, told Sun.Star Davao in a phone interview that the proposed increase in zonal valuation of real estate properties in Davao should be implemented in a "staggered basis."

"In our committee hearing, we discussed that closed coordination among the Bureau of Internal Revenue, Business sector and the city council must be established because the city's economic development is at stake," Dayanghirang said.

He also said that Davao City Chamber of Commerce and Industry Inc. indicated that 80 percent of its members are against the proposed increase in zonal valuation based on a survey conducted during its general assembly.

"We are not totally against the proposed increase in zonal valuation but what we are asking is it should be implemented slowly so as the city and the industry can prepare. Chances are if it will be fully implemented soon, economic development particularly in real estate indutry will be affected," Dayanhirang added.

BIR Davao director Glen Geraldino said zonal valuation of real properties in the city will be based on actual selling price.

"I do not think that this will affect the real property development in Davao because our basis for the zonal valuation is actually based on the actual selling price on the daily transactions made by our taxpayers" Geraldino said.

Meanwhile, all stakeholders involved in the zonal valuation including the city council, business sector through DCCCII and the BIR Davao is set to convene this Monday at the DCCCII office to further discuss the issue.