On Tuesday, Feb. 7, the House Committee on Economic Affairs approved, subject to style and committee report, a bill amending The Real Estate Investment Trust (REIT) Act of 2009 to ensure the reinvestment of REIT share proceeds in the Philippines.
The House Committee on Economic Affairs on Tuesday, Feb. 7, approved, subject to style and corresponding committee report thereof, a proposed bill amending The Real Estate Investment Trust Act of 2009 to ensure the reinvestment of proceeds from the sale of REIT shares in the Philippines.House Bill No. 6500, entitled “An Act Amending Section 3, 8, and 9 of Republic Act No. 9856, otherwise known as The Real Estate Investment Trust Act of 2009”, was refiled by Cagayan de Oro 2nd District Rep.
HB 6430, however, had a longer title as it adds the phrase “providing for a reinvestment framework of real estate investment trust sponsors.” “There is therefore a need to ensure that the funds invested in these companies are reinvested in the Philippines to secure full domestic participation in the real estate industry,” Rodriguez, who was represented by Cavite 5th District Rep. Roy Loyola, stated in his sponsorship speech during the hearing headed by committee chair Negros Occidental 1st District Rep. Gerardo Valmayor Jr.
The deliberation on the bill showed that the under HB 6500, the term is under Section 3 “GG”, while it was under “FF-1” in HB 6430.
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