Question & AnswerQ&A (EXECUTIVE ORDER NO. 833)
A single national property valuation system is desired to stimulate the land market for capital mobilization, positively impacting the national and local economies, particularly the country's Gross Domestic Product (GDP).
The Department of Finance (DOF) entered into an agreement under the Second Land Administration and Management Project (LAMP2) with the World Bank and the Australian Agency for International Development (AusAID).
The PVO is tasked to develop, implement, and maintain real property valuation standards and procedures at par with international trends and to institutionalize national real property valuation reforms.
The PVO is headed by a Director and composed of divisions including Policy, Planning, Monitoring and Evaluation; Valuation Database and Information System; Valuation Standards; Valuation Education and Training; Finance and Administration; and other necessary units.
The PVO shall continue to operate with required appropriations sought from the General Appropriations Act even if LAMP2 and subsequent LAM reform projects are discontinued.
The PVO will be housed at the Department of Finance (DOF) until the legislation creating a national valuation authority is approved.
Funds for Personal Services are authorized under the PVO's requirements while Maintenance and Other Operating Expenses (MOOE) and Capital Outlay (CO) shall come from LAMP projects as long as they exist. Upon enactment of the Valuation Reform Act, the budget will be defined under it.
The PVAC is an advisory committee to the PVO headed by the Executive Director of the Bureau of Local Government Finance, with members including the Director of PVO, representatives from BIR, NTRC, LRA, LGU assessors and treasurers associations, private appraisal sector, civil society, and others as deemed necessary.
The LAMP2 Management Committee (Mancom) or subsequent projects under the LAM reform program provide policy guidance to the PVO and PVAC until the Valuation Reform Act is passed.
If the VRA is not approved by Congress, the PVO shall remain under the supervision of the Department of Finance or its assigned agency.
The President uses the powers vested by law, upon recommendation of the Secretary of Finance, to create the Property Valuation Office via this Executive Order.
All Presidential directives, issuances, orders, rules, and regulations or parts thereof inconsistent with this Executive Order are repealed or modified accordingly.
The Executive Order took effect immediately upon its publication in a newspaper of general circulation.