When was the first edition of the Philippine Valuation Standards adopted?

The first edition of the Philippine Valuation Standards was officially adopted on October 19, 2009. This date marks a significant milestone in the development of valuation practices in the Philippines, as it provides a framework for real estate valuation and ensures that professionals adhere to consistent standards, which enhance credibility and reliability in property assessments. The adoption of the Philippine Valuation Standards aimed to align local practices with international standards, promoting better market practices and protecting the interests of stakeholders in real estate transactions. Understanding this date is crucial for those involved in local treasury functions, as it relates to compliance and best practices in property valuation.