12 March, 2020
Almost 11 years after the enactment of the Real Estate Investment Trust (“REIT”) Act (Republic Act No. 9856), the Philippines is now expecting the first REIT issuance after the government has finally relaxed the major roadblocks that previously hindered the successful launch of REITs in the Philippines. The three key agencies involved are the Securities and Exchange Commission (“SEC”), Bureau of Internal Revenue (“BIR”), and the Philippine Stock Exchange (“PSE”). In a joint launching event earlier this year, the SEC, BIR, and PSE issued coordinated rules that aim to relax stringent capital, minimum public ownership (“MPO”), and tax requirements.
On 20 January 2020, the SEC released SEC Memorandum Circular No. 1 series of 2020 (“SEC MC 1 s. 2020”) or the Revised Implementing Rules and Regulations of the REIT Act. Meanwhile, the BIR and the PSE have yet to release their respective issuances. Once published, the issuances will take effect.
The full article can be found from Zicolaw's site here.
For more information, please contact:
Felix T Sy, Partner, Insights Abodago Philippines (a member of ZICO Law)
felix.sy@insights-law.com
