REITs in the Philippines, Republic Act No. 9856
Posted by lexforiphilippines on January 21, 2010
Republic Act No. 9856 “An Act Providing the Legal Framework for Real Estate Investment Trust and for Other Purposes” (REITS law)
On December 17, 2009, Republic Act No. 9856, more popularly known as the REITS law lapsed into law without the signature of the President. The law seeks to promote the development of the capital market, democratize wealth by broadening the participation of Filipinos in the ownership of real estate, use the capital market as an instrument to help finance and develop infrastructure projects and protect the investing public by providing an enabling regulatory framework.
The law grants several incentives, including tax incentives, to those planning to incorporate as a REIT. For a quick view of the law, click the TOOLS bar then proceed to Laws and Implementing Regulations.
The Bangko Sentral ng Pilipinas and the Department of Finance, in consultation with other stakeholders such as the Philippine Stock Exchange and the real estate industry, is mandated to promulgate the implementing rules and regulations within ninety (90) days from the effectivity of the Act.
Should you want a soft copy of the law, email us at firstname.lastname@example.org