A bill that requires real estate investment trusts (REITs) to reinvest proceeds from their fundraising activities in the Philippines has been approved at the committee level in the House of Representatives. READ:
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Cagayan de Oro Rep. Rufus B. Rodriguez, the author of the bill, said that there is “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.” Proceeds subject to the reinvestment rule also include “other securities issued in exchange for income-generating real-estate transferred to the REIT, and any money raised by the sponsor or promoter from the sale of any of its income-generating real-estate to the REIT, in any real estate.
UnionBank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the measure aims to safeguard the industry since it is still in its nascent stages.
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