(L-R: Ben Elder of IVSC, Niño Raymond B. Alvina, BLGF Executive Director and Mr. Nicolas Konialdis, IVSC Asia Director)
Seoul, South Korea – The Bureau of Local Government Finance (BLGF) has been presented with a copy of the latest International Valuation Standards (IVS) during the Land and Property Valuation Learning Week in Seoul on 22-26 May 2023.
The IVS, which took effect on 31 January 2022, was provided by Mr. Ben Elder, IVSC Chair of Tangible Assets Board & Member of Overarching Standards Board, and Mr. Nicolas Konialdis, IVS Council (IVSC) Asia Director, to BLGF Executive Director Niño Raymond B. Alvina during the event organized by the World Bank, which brought together experts and delegates from various countries to exchange best practices in land valuation and taxation.
Since 2018, the BLGF has been an Institutional Member of the IVSC and has adopted the IVS versions of 2007 and 2017, releasing the Philippine versions in 2009 and 2018, respectively.
As a testament to its commitment to upholding international standards, the BLGF has been invited to actively participate in the IVSC consultation process for the upcoming IVS standards that will take effect in 2024. Under the ongoing Local Governance Reform Project (LGRP), the BLGF is studying the latest IVS draft towards the possible adoption and updating of the current Philippine Valuation Standards, 2018 Edition by next year.
The IVS plays a vital role in ensuring the clarity, usefulness, and overall effectiveness of valuation standards globally. To further improve these standards, the IVSC has initiated a comprehensive three-month consultation process with all stakeholders, commencing on 28 April 2023, and concluding on 28 July 2023, which involves input from the IVSC’s Standards Review Board and Technical Boards.
The proposed changes in the latest IVS draft, which are part of a regular two-yearly review cycle, aim to enhance the standards comprehensively. The standards will be restructured to better reflect the valuation process sequence, improving usability. Specifically, the General Standards (IVS 100 to IVS 106) will undergo fundamental changes applicable to all valuations, regardless of asset type or valuation purpose, to provide clear guidance to both valuers and other stakeholders involved in the valuation process.
In line with the commitment to early adoption, the BLGF, as an IVSC member institution, has already formed a dedicated technical working group (TWG) to facilitate the process of adopting these standards into the next edition of the Philippine Valuation Standards (PVS). Subsequently, the BLGF, through the LGRP, will provide trainings to local government assessors and appraisers on the latest valuation standards and assessment guidelines to improve the LGUs’ technical capacity and revenue potential.
In one of the recent LGRP events in Cebu City on 19-20 June 2023, Executive Director Alvina announced that the BLGF, with its commitment to the IVSC, will participate in the on-going consultation on the 2023 IVS Exposure Draft and update the PVS for its third revision.