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)