Value Engineering (VE) is the systematic approach of improving the value of a product or service. In this study, the authors applied the principles of VE during the design stage of Heating Ventilating and Air-Conditioning (HVAC) systems using the VE job plan. The objective was to select the appropriate HVAC equipment for a project that would satisfy the basic and needed secondary functions at a minimum cost. Different combinations of various HVAC equipment were generated and evaluated in terms of initial and operating cost. The type of HVAC system that was used is the Direct-Expansion (DX) Variable Refrigerant Flow (VRF) system. These are one (1) AHU, 5 Ceiling Concealed with 2 Pre-Coolers, 6 Floor Standing with 7 Energy Recovery Ventilators (ERV), 5 Ceiling Concealed with 7 ERVs and 8 Ceiling Cassette with 7 ERVs to meet the required thermodynamic properties of the room. From the options that were created, the results showed that the option that would meet the said functions and deliver it at a minimum cost would be the 6 Floor standing with 7 ERVs at ₱69,665,391 for an equipment life span of 10 years. However, even though the operating cost were considered during the selection of the equipment. It must be taken into consideration that the maintenance cost, initial cost and the varying energy consumption of the options should be included.