01 Sep 2007
Governance, Policy & Institutional Strengthening
Valuation & Taxation
Posted01 Sep 2007
In a country where there are 29 agencies involved in property valuation (and as many valuation systems used), the establishment of the Property Valuation Staff (PVS) is a landmark initiative towards a single and unified valuation system and authority. The PVS, which is currently housed at the Bureau of Local Government Finance (BLGF), was established on 30 August 2007 by Secretary Margarito Teves of the Department of Finance (DOF) through Department Order 34-07.
The Department Order is significant on several counts. Firstly, while legislation is in process towards reforms in property valuation and in establishing a National Valuation Authority (NVA), the process may take time to be passed into law. The intent of the Department Order is to continue the operation of the PVS, whether the proposed law is approved or not, and even if subsequent projects under the Land Administration and Management (LAM) program of the government are not pursued. It has therefore established a solid institutional foundation for property valuation reforms. Of course, the approval of the valuation reform law and the establishment of the National Valuation Authority (NVA) are much desired. Secondly, the assignment of officers and staff to the PVS provides a stable ground for capacity building on property valuation under the LAMP 2. Thirdly, the establishment of the PVS and hopefully its subsequent transformation into the NVA open a range of career opportunities for future valuers. Finally, it has fulfilled Government commitment to both AUSAID and the World Bank under LAMP 2. The DOF family takes great pride in this initiative, as in its institutional eyes, it is a commitment towards serving the people better through good governance.
The establishment of the PVS did not happen overnight. Painstaking studies, research and consultations with stakeholders date back to LAMP 1 in the early 2000’s. It also helped that BLGF shared its meager resources, especially in providing guidance and staff to initially support the PVS. In establishing the PVS, which is an institutional land mark in the Philippine property valuation sector. LAMP2 has adopted the approach of “small steps leading to a big leap forward”. To this, the DOF family is immensely grateful for the assistance and ‘light’ from ‘the LAMP’. Provided by Johnson Mercader National Technical Adviser for Valuation Project Management