The document summarizes the structure and contents of the Philippine Valuation Standards 2018, which incorporates the International Valuation Standards 2017 and provides context and guidance notes for the Philippine setting. The PVS 2018 is structured in three parts: Part I covers the IVS general and asset standards; Part II addresses Philippine contextual differences for taxation and other purposes; and Part III provides guidance notes to complement the standards. The PVS 2018 was updated from the 2009 version to align with revisions to the IVS in 2011, 2013, and 2017, through a multi-stage process involving stakeholder meetings and exposure workshops.

1. Philippine Valuation
Standards 2018
Incorporating the International Valuation Standards 2017 and Providing for
Context and Guidance Notes under the Philippine Setting
Overview

2. Structure of the PVS 2nd Edition, 2018
Part I: International Valuation Standards (IVS) 2017
a. IVS General Standards. These set out requirements for the conduct of all
valuation assignment including establishing the terms of a valuation
engagement, bases of value, valuation approaches and methods and
reporting. They are designed to be applicable to valuations of all types of
assets and for any valuation purpose.
b. IVS Asset Standards. The asset Standards include requirements related to
specific types of assets. These requirements must be followed in
conjunction with the General Standards when performing a valuation of a
specific asset type. The Asset Standards include certain background
information on the characteristics of each type that influence value and
additional asset-specific requirements on common valuation approaches
and methods used.

3. Structure of the PVS 2nd Edition, 2018
Part II: Philippine Context Focusing on Valuation for Taxation and
Other Purposes.
. This contains the departures or differences in application of the IVS based
on Philippine contextual setting or legal requisites, with particular focus on
valuation for property taxation and other purposes under Philippine setting.

4. Structure of the PVS 2nd Edition, 2018
Part III: Guidance Notes
. This includes Guidance Notes (GNs) deemed important within the context
of the Philippines. The GNs consider the same guidance notes issued in PVS
2009 to provide guidance on specific valuation issues and how standards
are to be applied. These GNs complement and expand on the Standards
with which they have equal importance.

5. Background
The PVS 2009 adopted the 2007 International Valuation Standards
The IVS was updated in 2011, 2013 and 2017
Stakeholders Meeting on April 10, 2017
1st Draft of PVS was released and posted @ BLGF website on June 30,
2017
Exposure Workshops were conducted in Luzon, Visayas and Mindanao
2nd draft of PVS was released and posted @ BLGF website on October 2
Meetings on the finalization of the PVS were also conducted

6. Objectives
To assess the effectiveness of the training
design/materials;
To capacitate and update the participants on the policies
and standards embodied under PVS 2018; and
To present the updated PVS 2018 for adoption of the
participants