AUSTRALIA, PHILIPPINES TO PROFESSIONALISE LAND VALUATION
Australian Embassy Charge D’Affaires Stephen Scott, Department of Finance (DOF) Secretary Margarito Teves, and University of the Philippines Open University (UPOU) Chancellor Grace Javier Alfonso today launched an initiative to help unlock the development potential of land in the Philippines.
Supported by the Australian Government Aid Program and the World Bank, the UPOU has developed the first formal land valuation courses of international standard in the Philippines. The new education program is the result of a collaborative effort between Australia’s Central Queensland University, the UPOU, the DOF, and the Department of Environment and Natural Resources, through the Land Administration and Management Program Phase 2 (LAMP2).
“The courses will improve the skills of Filipino real estate practitioners to conduct credible land valuations that reflect market values,” Mr Scott said.
The World Bank estimates that 50% - 75% of a nation’s wealth is contained in real estate, making it the biggest potential source of national income to fund social and economic programs. But in the Philippines, its contribution to GNP has remained at 6.3% over the past 10 years.
“Reforms to land administration and management have the potential to unlock development, stimulate business and improve the lives of millions of Filipinos,” Mr Scott said. “Credible land valuation is one of the critical reforms required to realize this potential. Technically competent, highly trained and accountable real estate practitioners, such as land valuers, can be the catalysts for reform.”
For more than a decade, the Australian Government Aid Program and the World Bank have been helping the Philippines improve economic development by setting standards, streamlining systems, supporting legislative initiatives and policies, and strengthening institutions through capacity building programs and information systems for land administration and management.
Dr. Maria Fe Mendoza, Dean of the UPOU’s Faculty of Management and Development Studies, praised the partnership with LAMP2 to professionalize the sector. “The partnership is helping the university build the necessary competence and capacity in a ground-breaking area. It helps in positioning the UP Open University as a standard setter and trailblazer in land valuation education in the Philippines, and in the future, on the map of internationally accredited real estate education programs.”
The courses for real estate practitioners will be offered in May as part of the Continuing Professional Education Program on Land Valuation (CPEPLV) and will focus on Land and Property Valuation; Development Controls and Construction; Land Laws and Planning for Development; and Statutory Valuation.