Creation of Property Valuation Office

Headed by a Director.
Composed of specialized divisions: 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 will operate within the Department of Finance (DOF) until a national valuation authority is established.
Continuity assured even if LAMP2 and related projects cease, with funding sought from the General Appropriations Act.

Personnel Services funding authorized based on PVO requirements outlined in the IRR.
Maintenance, Operating Expenses, and Capital Outlay funded from LAMP projects while active.
Upon enactment of the Valuation Reform Act (VRA), the PVO will transition into the national valuation authority with budget as provided by the VRA.

PVAC to be chaired by the Executive Director of the Bureau of Local Government Finance (BLGF).
Members include the PVO Director and representatives from Bureau of Internal Revenue (BIR), National Tax Research Center (NTRC), Land Registration Authority (LRA), national LGU assessors and treasurers associations, private appraisal sector, civil society, among others.
Terms of reference to be included in the IRR.
Exists until replaced by an advisory committee under the VRA framework.

Until the VRA is passed, PVO and PVAC are under the policy guidance of the LAMP2 Management Committee or subsequent LAM reform projects.
If the VRA is not enacted, supervision of the PVO defaults to the DOF or an assigned agency.

The DOF, in consultation with relevant authorities, shall prepare comprehensive Implementing Rules and Regulations (IRR) detailing the operational framework.
The IRR require approval from the Office of the President.

All previous presidential issuances and regulations inconsistent with this Executive Order are repealed or modified accordingly.

The Executive Order takes immediate effect upon publication in a newspaper of general circulation.