Appraisal ruling to be issued soon

Appraisal ruling to be issued soon

JAKARTA (JP): The government will soon issue a ruling to lend
support to the country's growing appraisal and valuation
business.

Bambang Subianto, the director general for financial
institutions at the finance ministry, said yesterday that the
ruling will cover professional standards and licensing procedures
for local appraisers.

"The draft of the appraisal and valuation ruling has been
submitted to the finance minister for approval," he said at the
opening of a one-day seminar on property investment and
valuation.

The seminar, co-sponsored by the Indonesian Society of
Appraisers, the Association of Appraising Companies and the
state-owned Bank Tabungan Negara, featured Austin J. Jaffe, the
research director for real estate studies at Pennsylvania State
University, as speaker.

Bambang said that the planned issuance is part of the
government program to provide a healthier climate in the
country's growing appraisal and valuation business.

"We hope the regulation will not only create fair competition
but also improve appraisers' professionalism," he said.

Karsono Surjowibowo, the chairman of the Indonesian Society of
Appraisers, said that his organization is also preparing a code
of ethics and a number of cooperation programs with such
government agencies as the Capital Market Supervisory Agency
(Bapepam) and several state banks.

Asset assessments related to lending proposals to state-owned
banks and to capital market activities should, he said, be
handled by the society's registered members.(hen)