Reckoned as an extremely lucrative investment product, the REIT market was valued at about $68.33 billion in Asian capital markets and at $604 billion globally back in 2008, the time when the Philippine Congress was still discussing the passage and future of the REIT.
The REIT industry across the world has continued growing since the passing of REIT law in the Philippines. In June 2014, the industry was estimated to be valued at about $140 billion in Asia and $1.4 trillion cumulatively in all parts of the world.
To date, the Philippine REIT industry has not made great strides. Several blue-chip real estate companies have shown their interest and even established REIT management companies, but those have been put on hold due to a couple of obstacles.
However, the Securities and Exchange Commission (SEC) of the Philippines is now taking significant measures to jumpstart the REIT industry once again and attract potential investors and REIT issuers by relaxing stringent regulatory conditions and placing a proposal to the Department of Finance (DoF) to reduce the minimum public ownership (MPO) requirement for REIT from 67% to 33%. SEC has also requested DoF to review and reduce corporate taxes on capital markets including stock transaction tax and initial public offering (IPO) tax.
As a result of these recent REIT developments, PCM Asia and Pinnacle Group in collaboration with the Asia Pacific Real Estate Association, will host the 3RD APAC REIT INVESTMENT SUMMIT 2019.
Aptly themed REIT: BLUEPRINT FOR A ROBUST PHILIPPINE CAPITAL MARKETS, the 3RD APAC REIT INVESTMENT SUMMIT 2019 is set to take center stage on 18 June 2019 at The Tent at Solaire in Manila, Philippines to provide its delegates from the most prominent companies operating in the real estate sphere a day of knowledge sharing and unparalleled networking and investment opportunities.
With an expected turnout of over 200 industry professionals, the 3RD APAC REIT INVESTMENT SUMMIT 2019 – designed to be the country’s premier business gathering for chief property experts and players from across the region – is committed to deliver thought leadership and high quality audience making this landmark event a superb platform to:
features executive keynote presentations, in-depth
panel discussions and excellent networking opportunities in a setting which will provide a regional
look into the future of the REIT industry.
Santos Knight Frank predicts an increase in property development and acquisition activities across the Philippines in the next 3 to 5 years resulting from additional capitalization gained by developers through Real Estate Investment Trusts (REITs).
MANILA, Philippines — Some of the Philippines’ biggest property players are preparing to participate in the real estate investment trust (REIT) industry that may soon be taking off in the country.
They said they are now keenly awaiting the final implementing rules and regulations of the REIT Act to see if it would be viable for their respective companies.
The Department of Finance (DoF) will not implement the Real Estate Investment Trust (REIT) until it obtains assurances that gains realized from such schemes will be reinvested in the Philippines.
“How can we implement the REIT program if we’re not sure that the money will be reinvested here. They might buy dollars and buy property in the US and I’m sure many guys want to do that,” Finance Secretary Carlos G. Dominguez III told BusinessWorld.
GOVERNMENT MOVES to dismantle the two roadblocks to the establishment of real estate investment trusts (REIT) may finally kick-start their formation.
THE Securities and Exchange Commission (SEC) is amenable to bringing down the minimum public ownership required for the real-estate investment trust (REIT).
A few days ago, a friend was agonizing over his first-world problem of the day. He wanted to invest in real property but found the whole process of checking titles, dealing with the Bureau of Internal Revenue and the Register of Deeds too stressful and complicated.