11 November 2020

TO: EMELIANA G. PASCUAL

SUBJECT: MARKET VALUE APPRAISAL OF PROPERTY

(30,000 SQ. METERS OF LAND IN NATIONAL HIGHWAY,
SALVACION, PROSPERIDAD, AGUSAN DEL SUR)

Sir:

As requested, I examined and appraised a certain real property exhibited to me as

owned by various holders stated on the next page for the purpose of expressing an
opinion on the market value of the subject property, as of November 11, 2023 for
acquisition of property.

The property (as a whole) is located along the National Highway, Barangay
Salvacion, Prosperidad, Agusan del Sur.

Based on our study, the market value of the property is estimated at:

NINETEEN MILLION FIVE HUNDRED EIGHTY TWO THOUSAND FOUR

HUNDRED SEVENTY TWO (Php19,582,472) PESOS

Attached is the full report on the subject.

I have made no investigation of and assume no responsibility to titles nor liabilities

against the property appraised.

I hereby certify that I have neither present nor contemplated interest on the property
appraised nor on the value reported.

Respectfully submitted,

ATRIYO LEODI G. SALISE

PRC REA License No. 009540
Valid until: October 25, 2023
 SUMMARY OF IMPORTANT
FACTS AND CONCLUSIONS

LOCATION OF PROPERTY : Along the National Highway, Barangay

Salvacion, Prosperidad, Agusan del Sur

REGISTERED OWNER LOT NO. SURVEY NO. AREA

(SQ.M)
Jessie M. Corvera 2587-A-1 Bsd-10-002239 (AR) 10,424
Prescilla C. Guyo 2587-A-2 Bsd-10-002239 (AR) 10,424
Jose M. Corvera 2587-A-3 Bsd-10-002239 (AR) 10,424
Jimmy M. Corvera 2588 Pls-43 34,594
Pericles C. Ballenas 2592-A Bsd-10-002241 (AR) 10,033
Brenda F. Bustamante 2592-B Bsd-10-002241 (AR) 10,032
Rejo M. Corvera 2592-C Bsd-10-002241 (AR) 10,031
Elma C. Polancos 2592-D Bsd-10-002241 (AR) 10,033
Jimmy M. Corvera 2592-E Bsd-10-002241 (AR) 10,033
TOTAL 116,028

IMPROVEMENTS : Coconut trees /falcata trees

HIGHEST & BEST USE : Agricultural

CONCLUSION OF VALUE : PhP 19,582,472

DATE OF VALUATION : November 11, 2020

 LIMITING CONDITIONS

1. We made no investigation of and assumed no responsibility for the title to

or liabilities against the property appraised. This appraisal is made on the
assumption that the property is free and clear from liens and
encumbrances, under responsible ownership, and that the property rights
appraised are those in fee simple.

2. No relocation survey was made to pinpoint the exact location and

boundaries of the property, in this case, the appraiser/s assumes no
responsibility in connection with such matter.

3. The five(5) residential buildings made of temporary materials were not

included in the valuation.

4. The appraiser/s, by reason of this appraisal, is/are not required to give

testimony nor attendance in court nor to any governmental agency with
reference to the subject property unless arrangements have been
previously made.

5. Possession of this report or a copy thereof neither carry with it the right of
publication nor may it be used for any purpose by anyone but the client for
whom it was made, without the written consent of the appraiser/s or the
client.

6. Erasure on appraisal date and values invalidate this valuation report.

7. Appraiser/s certify that he/they have neither present nor prospective

interest on the appraised property or on the reported value.
PURPOSE AND SCOPE OF APPRAISAL

The purpose and scope of this appraisal is to estimate the market value of
certain real property interest, as of November 11, 2020, located at:

Along National Highway, Barangay Salvacion, Prosperidad, Agusan del Sur

DEFINITION OF TERMS

The term “Market Value” is defined as “the estimated amount for which a
property should exchange on the date of valuation between a willing buyer and a
willing seller in an arm’s-length transaction after proper marketing wherein the
parties had each acted knowledgeably, prudently and without
compulsion.”(International Valuation Standards 2017 Edition, Par.30.1, page 18
& Philippine Valuation Standards 3.1, page 43)

Market Value may also be defined as “the warranted price expressed in terms of
money which a property is expected to bring at a given time and place where
buyers and sellers act without compulsion and with full knowledge of all the uses
to which the property is adapted and for which it is capable of being used.

Market Value is that sum of money which a person, desirous but not compelled
to buy, and an owner willing but not compelled to sell, would agree on a price to
be given and received therefor.

The warranted price is further contingent to the seller’s ability to convey the title
with all the rights inherent in the property and on allowing sufficient time for the
transaction to mature normally under cash or equivalent sale. Should the sale be
on terms, would undoubtedly be affected whether favorable or unfavorable.

PROPERTY RIGHTS APPRAISED

The property rights appraised refer to the so-called “Fee Simple” which
considers the “bundle of rights” or attributes which are inherent in ownership as
defined in the New Civil Code of the Philippines. “Fee simple” is an absolute fee,
free and clear without limitation to any particular class or heirs or restrictions
other than those, which may have been annotated on the title but subject to
eminent domain, escheat, police power and taxation.

In this context of property rights, the term “property” when considered as physical
component, can refer to a single site or unit and/or its similar collective

1
equivalent, as in group of titles lots, row of townhouses, contiguous or separate
parcels, condominium units, and the like.

I.PROPERTY LOCATION AND IDENTIFICATION

The appraised property is composed of nine (9) parcels of adjoining land with a
total area of 116,028 sq.m. located along the National Highway, Barangay
Salvacion, Prosperidad, Agusan del Sur. The property has five(5) residential
building generally made of temporary materials. It is planted with coconut trees ,
falcata trees and has a small portion of riceland. The entire land is bounded by
National Highway and Lot 2587-B,Psd-10-022842 at the south, Taglimao creek
at the west, and Lot 2571,Pls-43 at the north and at the west is bounded by Lot
2593,Pls-43 and 2592-A, Bsd-10-002241(AR).The property is located about 2.5
kilometers northwest of the Government Center of Agusan del Sur and about 3
kilometers from D.O. Plaza Memorial Hospital. It is also about 1.5 kilometers
south of the Barangay Hall of Salvacion.

II. NEIGHBORHOOD DATA

A. General Information

Type : Agricultural
Present Use of Property : It is erected with five(5) residential buildings
and planted with coconut trees and falcata
trees
Known Landmarks : About 1.5 kilometers south of Salvacion
Barangay Hall
Remarks : The property is located in the vicinity of mixed
agricultural and residential development

Electricity : Agusan del Sur Electric Cooperative (ASELCO)

Water Supply : None
Telephone : PLDT, Globe, Smart
Public Transportation : PUJ’s, Buses, Public Utility Van’s
Public Market : Prosperidad Public Market
Hospital : D.O. Memorial Hospital
School : Salvacion Public Elementary School

2
 III. LAND DATA

A. Technical Identification

The property is a 116,028-sq. meter lot, more or less, technically identified as

follows:

Area Registered /
TCT No. Lot No./Survey No.
(sq. meters) Declared Owner
T-5389 2587-A -1 / Bsd-10-002239 10,424 Jessie M. Corvera

T-5390 2587-A-2 / Bsd-10-002239 10,424 Prescilla C. Guyo, married

7,038
T-5391 2587-A-3 / Bsd-10-002239 (less 3,386 Jose M. Corvera
sq.m.creek
1
easement)

27,124
P-13983 2588 / Pls-43 (less 7,470 Jimmy M. Corvera
sq.m.
creek
1
easement)

T-24014 2592-A / Bsd-10-002241 10,033 Pericles C. Ballenas

159-2019000788 2592-B / Bsd-10-002241 10,032 Brenda F. Bustamante

T-5857 2592-C / Bsd-10-002241 10,031 Rejo M. Corvera

T-5856 2592-D / Bsd-10-002241 10,033 Elma c. Polancos

T-5855 2592-E / Bsd-10-002241 10,033 Jimmy M. Corvera

TOTAL APPRAISED AREA 105,172

1
20 m. wide- legal easement is based on the approved survey plan, Psd-13-026872

3
 The abovementioned Transfer Certificates of Title (TCT) and Tax
Declaration (TD) were issued by the Registry of Deeds of Agusan del Sur and
Prosperidad Municipal Assessor’s Office, respectively.

The land is bounded as follows:

North : Cocoland/falcata land
East : Taglimao Creek
West : Cocoland/falcata land
South : National Highway

B. Physical Characteristics of the Land

Shape : Irregular
Terrain : Rolling
Elevation : Southern and western portion is above the
National Highway while the northeastern
portion is below the National Highway
Road Type : Concrete-paved
Road Frontage : About 85.24 meters wide

C. Occupancy and Use

The land is planted with about coco trees and falcata trees. It is erected
with about five(5) houses at the southern portion of the land and a church
at the southwestern portion of the land.

V. HIGHEST AND BEST USE

Verification with the Municipal Planning and Development Office of Prosperidad,

Agusan del Sur revealed that based on the LGU’s zoning map, the property is
located within the Agricultural zone.
Considering the location and the character of the property itself, we are of the
opinion that agricultural land development represents the Highest and Best Use
of the property.

Highest and Best Use is defined as the most probable likely use of the property.
The opinion of such use may be based on the highest and most profitable
continuous use to which the property is adapted and needed, or on the use of the
land which may reasonably be expected to produce the greatest net return to
land over a period of time.

4
VI. VALUATION

A. Approach to Value

The value of the land was arrived at using the Market Data Approach or Sales
Comparison Method. This comparison method is based on the assumption that
no prudent purchaser will buy more than what it will cost him to acquire an
equally desirable substitute parcel or site. In this approach, the value of the land
is based on sales and listings of comparable properties registered within its
vicinity. The technique of this approach requires the establishment of comparable
properties by reducing reasonable comparative sales and listings to a common
denominator. This is done by adjusting the differences between subject property
and the actual sales and listings regarded as comparable.

In valuing the land, records of recent sales and offerings of similar land are
analyzed and comparisons are made for such factors as location, size, shape,
accessibility, time element and other general characteristics.

Although no sales of truly comparable land have occurred, the following listings,
data may be considered sufficient to provide a reasonable indication of value:

B. Sales Data / Listing(1st parcel –lot 2587-A-1 to lot 2587-A-3 with total appraised of
area of 55,010 sq.m. )(2nd parcel- lot 2588, lot nos. 2592-A to 2592-E with total area of
50,162 sq.m.)

 An agricultural land with an area of about 1.8 hectares was sold to

Luciano Construction,Inc. at P3.5M per hectare or P350 per sq.m. in year
2018. Said lot is along the National Highway, Brgy. Salvacion about 800
meters north of the subject property. The same is superior in terms of land
size compared to the first parcel. Source: Salvacion Brgy. Captain Rolex
C. Mondejar-09489010411

 An agricultural land with an area of more or less 7.8 hectares is being

offered for sale at P15M (negotiable) or about P192 per sq.m. The same is
located along the National Highway, Prosperidad. Said lot is inferior in
terms of location and land size compared to the first parcel.Source:

 An agricultural land with an area of more or less 6.8 hectares is being

offered for sale by certain Ms. Amy Campos at a negotiable price of
P6.8M or about P100 per sq.m. The same is located at Purok-2 , Brgy.
Salvacion, 2nd lot from the National Highway. Said lot is inferior in terms of

5
 location and land size compared to parcel 2. Informant: Amy
Campos(facebook)

 An agricultural land with an area of more or less 2.2 hectares is being

offered for sale by certain Subsuban Pactores at P2M (negotiable) or
about P90 per sq.m..Said lot is located at Purok-1, Brgy. Salvacion, 2 nd lot
from the National Highway.The same is superior in terms of land size
compared to parcel 2. Informant: Ms. Subsuban (facebook)

Matrix of Comparable Sales and Listings

COMPARABLES
PARTICULARS Sales Data Listing Concluded
Market Value
Area (55,010 sq.
18,000 78,000
ms.)
Asking Price Php 350 Php 192
Rate of Discount 0% 0%
Probable Cost Php 350 Php 192

Location - +10%
Size -10% +5%
Shape - -
Accessibility - -
Frontage - -
Negotiability - -5%
Time element - -
Land Development - -
Net Adjustment
Factor -10% +10%
Adjusted Value Php 315 Php 211.2
Weight 60% 40%
Computed Value P 273.48 Say P273 per
(average of the
sq. meter
Adjusted Values)

Notes:
1. If subject property is superior as compared with the comparables,
use positive (+) sign. If otherwise, use negative (-) sign.
2. Historical data are inferior than current data
3. Small area is superior than big area.
4. Main road is superior than secondary road.
5. Rectangular shape is superior than any other shapes.
6. Flat terrain is superior than any other type of terrain.
7. To consider comparables, adjustment on each factor must not be
more than 20%.
8. Discount is from -20 to +20%. A comparable sale is superior than a
comparable listing.

6
 Matrix of Comparable Sales and Listings

COMPARABLES
PARTICULARS Listing 1 Listing 2 Concluded
Market Value
Area (50,162 sq.
68,000 22,000
ms.)
Asking Price Php 100 Php 90
Rate of Discount 0% 0%
Probable Cost Php 100 Php 90

Location +5% -
Size +5% -10%
Shape - -
Accessibility - -
Frontage - -
Negotiability -5% -5%
Time element - -
Land Development - -
Net Adjustment
Factor +5% -15%
Adjusted Value Php 95 Php 76.50
Weight 50% 50%
Computed Value P 83.25 Say P83 per sq.
(average of the
meter
Adjusted Values)

VII. CONCLUSION OF VALUE

C. Appraisal Considerations

1. The location of the property is with reference to the Tax Map as shown
at the Assessor’s Office of the Municipality of Prosperidad,
supplemented with the copy of title. It was validated at site inspection
in terms of orientation and pinpointing of boundaries.

2. The location, land size and negotiability are factors mainly considered
in the adjustment of value in comparison with the sales data and
listings.

7
After analysis of the data-considering the factors of location, size,
neighborhood, utility, desirability, negotiability and time element - the
market value of the appraised land is estimated at :

APPRAISED UNIT APPRAISED

AREA (sq.ms.) APPRAISED VALUE
VALUE(per
sq.m.)
PARCEL 1 55,010 P273 P15,017,730
PARCEL 2 50,162 P91 P4,564,742
TOTAL 105,172 P19,582,472

Prepared by:

ATRIYO LEODI G. SALISE

PRC REA License No. 009540
Valid Until October 25, 2023