Prescribing the Philippine Valuation Standards (PVS) 2nd Edition, 2018 — Incorporating the International Valuation Standards (IVS) 2017 and Providing Guidance Notes under Philippine Setting

July 2, 2018DOF DEPARTMENT ORDER NO. 037-18SUBJECT:Prescribing the Philippine Valuation Standards (PVS) 2nd Edition, 2018 — Incorporating the International Valuation Standards (IVS) 2017 and Providing Guidance Notes under Philippine Setting 1. LEGAL BASES. This Order is issued under the authority of the following laws: TIADCca. Section 201 of the Local Government Code of 1991 mandates the Department of Finance (DOF) to promulgate the necessary rules and regulations for the classification, appraisal, and assessment of real property;b. Section 33 (1) and (2), Chapter 4, Title II, Book IV of Executive Order (EO) No. 292, series of 1987, otherwise known as the Administrative Code of 1987, directs the Bureau of Local Government Finance (BLGF) to assist in the formulation and implementation of policies on local government revenue administration and fund management, exercise administrative and technical supervision and coordination over treasury and assessment operation of local governments;c. Section 2 of Republic Act No. 9646, otherwise known as the Real Estate Service Act, provides the policy of the State to develop and nurture through proper and effective regulation and...