At present, there are various agencies doing or requiring property valuation. Each agency uses their own systems and methodologies for valuation. The VRA, through a regularly updated SMV approved by the Secretary of Finance, could support the valuation-related functions of the following agencies:
AGENCY | PURPOSE | CURRENT BASIS/METHODOLOGY |
Land Management Bureau | Acquisition, disposal, and rentals of public lands | DENR committee |
Land Management Service | Market, cost, income approaches | |
Forest Management Bureau | Actual FOB market price | |
Department of Agrarian Reform | Acquisition and distribution of land for agrarian reform | Just compensation procedures |
Bureau of Land Acquisition and Distribution | Land conversion | Market approach |
Department of Agriculture | ||
Department of Public Works and Highways | Expropriation/acquisition of land for right-of-way and expansion or condemnation proceedings | RA 8974 |
Market value | ||
Replacement cost method |
AGENCY | PURPOSE | CURRENT BASIS/METHODOLOGY |
Board of Investments | Project feasibility studies for Industrial estates and export processing zones | Market, cost, reproduction cost |
Income cap approaches | ||
Bureau of Trade Regulation and Consumer Protection | Regulation and licensing of private appraisers | Prescribes USPAP/IVS for use by private appraiser |
Land Registration Authority | Real property litigation and garnishment proceedings, registration and extraction of fees | – |
Registry of Deeds | ||
Commission on Audit | Government real property transactions | Similar to private appraisers; land rating grid method |
National Power Corporation | Expropriation/right-of- way acquisition/rentals | RA 8974, just compensation, market value, replacement cost |
Land Bank of the Philippines | Mortgage lending/ securitization | EO 405, DAR AO No. 5, deeds of sale, sales offering, private appraisers |
Development Bank of the Philippines | ||
National Housing Authority | Acquisition, disposition, and mortgage lending | Market data, economic rent |
National Home Mortgage Finance Corporation | Cost and market approaches on: | |
(1) Raw land | ||
(2) House | ||
Home Guaranty Corporation | (3) Preliminary appraisals | |
Home Development Mutual Fund | Mortgage lending | Market data or sales comparison, unit-in-place, cost approaches |
Social Security System | Market date approach with value adjustments | |
Government Service Insurance System | Collateral valuation, sales, reproduction cost, income capitalization, private appraisers | |
Philippine Reclamation Authority | Property development or disposal | Valuation contracted out to private appraisers |