The Asian Development Bank (ADB) has approved a loan worth $26.5 million (more than P1.24 billion) to help local government units (LGUs) increase their revenues by adopting new digital tools for local real property tax valuation and collection.

In a statement on Monday, the Manila-based multilateral lender said the Local Governance Reform Project loan would help LGUs improve their collection of property taxes by strengthening property valuation mechanisms, introducing new digital tools for transparent and accurate reporting, and updating tax maps and property valuation assessments.