PARA has been the leading proponent for the adoption and promulgation of a Uniform Standards of Professional Appraisal Practice (USPAP) among all real estate appraisal practitioners in the Philippines. The USPAP working draft has been patterned after the Appraisal Standards Board of the Appraisal Foundation, a non-profit organization established by the appraisal profession in the United States and authorized by the US Congress as the source of appraisal standards and qualifications. The decision to initially pattern the USPAP Philippine working draft after the US version was borne out by the fact that the principles and methodologies of appraisal practice and education in the Philippines are of US origin. In line with its long-term objective of establishing, improving and promoting USPAP for general acceptance and recognition by the government, it has long been advocating the inclusion of the USPAP in appropriate laws, regulations or bills in the Congress relating to the requirement for an appraisal work; and the observance of the USPAP in government-related real estate transactions. To date, the Bangko Sentral ng Pilipinas supports the promulgation of USPAP and the Realty Service Council of the Philippines (RESCOP) has recommended to BTRCP its adoption of USPAP and IVS. The BTRCP Director in the exercise of his regulatory powers pursuant to the aforecited M.O. No. 39 as amended, and upon recommendation by RESCOP members under RESCOP Resolution No. 05-005 dated 24 November 2005, has resolved to adopt USPAP and IVS for faithful observance of all real estate appraisers under Bureau Order No. 08 Series of 2006.
