[ manilastandardtoday.conm ] November 2, 2009
by Joyce Pangco Pañares
President Gloria Arroyo has created a Property Valuation Office whose main task is to institute reforms in real property valuation and stimulate the land market.
Mrs. Arroyo said a single, national property valuation system must be put in place considering the tremendous impact of land market on the country’s gross domestic product.
The office, which will be attached to the Finance Department, will function until Congress enacts a Valuation Reform Act creating 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 President said in Executive Order 833 that created the new office.
“The PVO shall remain to exist until the legislation creating a national valuation authority is in place to ensure that real property reforms undertaken under the Land Administration Management Project shall continue to benefit the national and local governments.”
The new office, which shall be headed by a director, will be composed of four divisions —policy, planning, monitoring and evaluation; valuation database and information system; valuation standards; and valuation education and training.
Under EO 833, Mrs. Arroyo also created an advisory committee to be headed by the executive director of the Bureau of Local Government Finance. The committee will have as members representatives from the Bureau of Internal Revenue, National Tax Research Center, Land Registration Authority, national LGU assessors’ association, national LGU treasurers’ association, private appraisal sector, and civil society.
