The Securities and Exchange Commission (SEC) has finalized the implementing rules and regulations (IRR) of the Real Estate Investment Trust (REIT) law as it seeks to launch the product early next year.
SEC Commissioner Ephyro Luis Amatong said they are closely coordinating with the Department of Finance (DOF) to ensure regulations on the minimum public float of REITs are aligned with the SEC’s proposal.
“We will continue to work on it until the end of the year, so maybe we can get it out sooner rather than later. And that’s really the preferred outcome.Our goal is to get this done much earlier than the first half of next year,” Amatong told reporters.
Amatong said new changes include amendments to PSE listing rules and listing agreement as well as in revenue regulations.
The law, passed by Congress in 2009, did not take off in the country amid issues on public ownership and taxation on asset transfers.
A REIT is a publicly-listed stock corporation that owns income-generating real estate assets, such as malls, offices, and hotels. It is seen to promote the development of the capital market.