Law Summary
Organizational Structure of the PVO
- Headed by a Director and consists of the following divisions:
- Policy, Planning, Monitoring and Evaluation
- Valuation Database and Information System
- Valuation Standards
- Valuation Education and Training
- Finance and Administration
- Other necessary divisions or units
- The PVO operates within the DOF until national legislation creating a valuation authority is enacted.
- Continues operation regardless of LAMP2 project status, with funding via General Appropriations Act if necessary.
Budget and Funding
- Personal Services (PS) allocation authorized per Implementing Rules and Regulations.
- Maintenance and Other Operating Expenses (MOOE) and Capital Outlay (CO) funded by LAMP projects while such projects exist.
- Upon enactment of the Valuation Reform Act, PVO will transform into the national valuation authority with budget as defined by law.
- Annual personnel budget details are indicated in the Executive Order appendix.
Property Valuation Advisory Committee (PVAC)
- Created to advise the PVO.
- Headed by the Executive Director of the Bureau of Local Government Finance (BLGF).
- Members include:
- Director of PVO
- Representatives from Bureau of Internal Revenue (BIR), National Tax Research Center (NTRC), Land Registration Authority (LRA)
- National associations of LGU assessors and treasurers
- Private appraisal sector representatives
- Civil society and other necessary members
- Terms of reference to be part of the Executive Order's IRR.
- PVAC exists until replaced by committee created under the Valuation Reform Act.
Supervision and Policy Guidance
- Until the Valuation Reform Act (VRA) passes, policy guidance comes from the LAMP2 Management Committee (Mancom) or subsequent LAM projects.
- If the legislation is not approved, the PVO remains under DOF supervision or its designated agency.
Implementation and Regulatory Framework
- DOF, in consultation with relevant authorities, to prepare the Implementing Rules and Regulations (IRR).
- IRR serves as a comprehensive usage manual for the Executive Order.
- IRR subject to approval of the Office of the President.
Repealing Clause and Effectivity
- All inconsistent Presidential directives, orders, rules, and regulations are repealed or modified accordingly.
- The Executive Order takes effect immediately upon publication in a newspaper of general circulation.