abs-cbnNEWS.com
MANILA, Philippines - The listing rules for Real Estate Investment Trusts (REITs) have been approved by the local bourse on Wednesday, and are now awaiting the Securities and Exchange Commission's (SEC) approval.
"We are optimistic that the launch of REITs in the Philippines will generate significant interest from investors both here and abroad as real estate prospects are looking good given that the economic recovery is expected to promote commercial activity and restore investor confidence," said Philippine Stock Exchange Chief Operating Officer Val Antonio Suarez.
The REIT listing rules are aligned with Republic Act. No. 9856, otherwise known as the REIT Act of 2009, and its implementing rules and regulations, which were issued by the SEC.
REITs are companies that own and operate income-generating real estate assets, which include offices, apartment buildings, hotels, warehouses, shopping centers and highways.
Under the rules, a REIT must be a stock corporation established in accordance with the Philippine Corporation Code for the purpose of owning income-generating real estate assets. It must also have a dividend policy of distributing annually at least 90% of its distributable income as dividends to its shareholders in accordance with the REIT law. Read more...
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