PGMA issues EO 833 creating Property Valuation Office

November 1, 2009 10:24 pm 

Manila, November 2 —- President Gloria Macapagal-Arroyo has issued executive order 833 creating the Property Valuation Office (VFO) to sustain and institute real property valuation reforms in the country.

EO 833 states the government has embarked on a Land Administration and Management (LAM) reform program which includes instituting reforms in the real property valuation sector through the adoption of single real property valuation system.

The EO added, a single national property valuation system is desired to stimulate the land market for capital mobilization which has tremendous impact on the national and local economies, particularly on the country’s Gross Domestic Product (GDP).

The Department of Finance (DOF) entered into an agreement under the Second Land Administration and Management Project (LAMP2) with the World Bank and the Austrlian Agency for International Development (AusAID) to institute real property valuation reform and to establish a national valuation authority.

The government recognizes and realizes the benefits and importance of establishing a national valuation authority which will develop, implement and maintain real property valuation standards and procedures at par with international trends and developments.

The DOF, in partial compliance to the above international commitment, created an ad hoc Property Valuation Staff (PVS) through DOF Order 34-07 on August 30, 2007 as interim measure while the proposed legislation, the Valuation Reform Act bill, creating a national valuation authority, is still being deliberated in Congress.

To effectively institutionalize the reforms being undertaken by the PVS and to sustain the benefits from capacity development interventions being provided under LAMP2, President Arroyo issued EO 833 for the creation of permanent positions and the allocations of necessary funds therefore to provide assurance of continuity.

The President also stated in her executive order that the PVO shall remain to until such time the legislation creating a national valuation authority is in place to ensure that real property valuation reforms undertaken under LAMP shall continue to benefit the national and local governments.

In the event if discontinuation of LAMP2 and subsequent projects under the LAM reform agenda of the national government, the PVO shall continue to operate with required appropriations sought from the General Appropriations Act. The PVO shall be housed at the DOF until such time that the legislation creating a national valutation office is approved by Congress.(PNA)

/V3/rudyma/

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