REITS 2010

2nd Annual REIT Asia Pacific Philippines 2010 Summit
The Philippine Stock Exchange (PSE) welcomed the passage of the Real Estate Investment Trust (REIT) Act into law, the fourth landmark legislative reform proposed by the PSE to boost the Philippine capital markets. The REIT law will provide the regulatory and tax framework for REITs, which are companies that own and operate income - producing real estate assets. Shares of these REITs are to be listed on and traded at the PSE. To encourage investments in REITs, the REIT law provides certain tax incentives to the REIT contrary to fears that the fiscal incentives in the law may undermine the revenues of government. The REIT law can even help contribute to the government coffers. The REIT law promotes transparency for tax reporting purposes. Moreover, the new business opportunities that will be created should translate to a broader tax base for government. An independent study conducted by a team from the University of Asia and the Pacific concluded that the government will not only recover every peso of tax incentive but stands to gain between P0.15 and P0.35 more over a 15 year period. This conclusion was made on the basis of the March 28, 2009 version of the bill, which granted far more liberal tax incentives than the enrolled version. The REIT law will develop the capital markets in the Philippines and provide much needed investment opportunities for institutional and retail investors to increase the wealth of the population through a lower risk instrument. It will also boost the development of real estate in the country by releasing capital for reinvestment into land and buildings, leading to increased productivity and more jobs. The Enactment of the REIT bill is a watershed development. After more than two years of deliberation, not only will the new law provide the legal framework for the creation of a categorically different class of financial product - and, in the process democratize commercial property ownership - but will also act as a catalyst for further development of the Philippines' nascent capital markets and will put the country at par with the rest of the world which has had REITs for over 20 years.

2nd Annual REIT Asia Pacific Philippines 2010 Summit

The Philippine Stock Exchange (PSE) welcomed the passage of the Real Estate Investment Trust (REIT) Act into law, the fourth landmark legislative reform proposed by the PSE to boost the Philippine capital markets.

The REIT law will provide the regulatory and tax framework for REITs, which are companies that own and operate income - producing real estate assets. Shares of these REITs are to be listed on and traded at the PSE.

To encourage investments in REITs, the REIT law provides certain tax incentives to the REIT contrary to fears that the fiscal incentives in the law may undermine the revenues of government. The REIT law can even help contribute to the government coffers. The REIT law promotes transparency for tax reporting purposes. Moreover, the new business opportunities that will be created should translate to a broader tax base for government.

An independent study conducted by a team from the University of Asia and the Pacific concluded that the government will not only recover every peso of tax incentive but stands to gain between P0.15 and P0.35 more over a 15 year period. This conclusion was made on the basis of the March 28, 2009 version of the bill, which granted far more liberal tax incentives than the enrolled version.

The REIT law will develop the capital markets in the Philippines and provide much needed investment opportunities for institutional and retail investors to increase the wealth of the population through a lower risk instrument. It will also boost the development of real estate in the country by releasing capital for reinvestment into land and buildings, leading to increased productivity and more jobs.

The Enactment of the REIT bill is a watershed development. After more than two years of deliberation, not only will the new law provide the legal framework for the creation of a categorically different class of financial product - and, in the process democratize commercial property ownership - but will also act as a catalyst for further development of the Philippines' nascent capital markets and will put the country at par with the rest of the world which has had REITs for over 20 years.

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