The Technical Cooperation Project entitled “Mainstreaming Voluntary Guidelines on Governance of Tenure (VGGT): Philippines” is being carried out in partnership between the Government of the Philippines and Food and Agriculture Organization of the United Nations.
The main objective of the VGGT Project is to improve the overall capacity of the Government of the Philippines in providing good land governance by updating the Land Sector Development Framework (LSDF), a 20-year development framework for land tenure governance, with VGGT principles and guidelines. LSDF contains policy directions and long-term strategies in several thematic areas, namely: Public Land Management, Land Administration, Land Information Management, Valuation and Capacity Building.
COMPONENT 2: UPDATING OF THE PHILIPPINE VALUATION STANDARDS
The VGGT Project is composed of several components, one of which is Component 2: Updating of the Philippine Valuation Standards (PVS).
The Component 2 aims to guide how assets should be appraised/valued, and bring greater efficiency to the appraisals/valuations of property for all purposes. It is also expected to enhance the professionalism of the appraisal and assessor professions in the Philippines.
By way of information, the first edition of the PVS issued by the Department of Finance (DOF) in 2009 followed very closely the 2007-International Valuation Standards (IVS). The said IVS has undergone several updates, of which the latest is the 2017-IVS. Therefore, it is timely to update the existing PVS by adopting the latest IVS under the Philippine setting and the existing law on appraisal profession, under RA No. 9646 or the Real Estate Service Act (RESA), which the DOF championed in 13th Congress.
ROLE OF BLGF
The Bureau of Local Government Finance (BLGF) of the Department of Finance (DOF) is tasked to implement Component 2: Updating of the Philippine Valuation Standards (PVS) of the said VGGT project. Specifically, the BLGF shall be responsible for coordinating, facilitating, and ensuring the efficient implementation of the Updating of the PVS.