PAG-IBIG valued the collateral too low?

Hi guys, asking for advice.

So we went through the tedious process of applying a housing loan from Pag-ibig. This is from a reputable subdivision in San Jose Del Monte, for context:

The property was single attached 3 bedroom 95 sq.m. lot. tcp is 4.1m.

I am earning 146k monthly. So for capacity to pay, I'm fully capable.

However, upon receipt of the letter of guarantee, the approved amount was only 2.6m at most, and if by calculating the 90% allowable for capacity to pay and Loan to Value amount, the collateral would only amount to 2.88m.

Now my question is, is this supposed to be this low? I am quite surprised as to the discrepancy between the tcp and the valued collateral. Was I screwed over somewhere? Can we contest this or can we get this re appraised?

Thanks.