What are the government agencies doing or requiring property valuations that could benefit from the Valuation Reform Act?

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
Join our mailing list for news and information about tax reform #TaxReformNow
The Department of Finance (DOF) is the government’s steward of sound fiscal policy. It formulates revenue policies that will ensure funding of critical government programs that promote welfare among our people and accelerate economic growth and stability. Read More..

Department of Finance | TaxReform

BSP Complex, Roxas Blvd., 1004 Metro Manila, Philippines
(+632) 8525.0244
Scroll Up