PSE Wants SEC, BIR to Give REITs Better Chance to Be Competitive

Manila Bulletin, January 1, 2014 | Go to article overview

PSE Wants SEC, BIR to Give REITs Better Chance to Be Competitive


Philippine regulators and tax authorities will have to revise the existing rules and tax regime for real estate investment trusts (REITs) to have a real chance of taking off in the local capital market and be competitive globally. REITs are companies that own and operate income-generating real estate assets which include offices, apartment buildings, hotels, warehouses, shopping centers and highways. In an interview, Philippine Stock Exchange president Hans B. Sicat said REIT was mentioned in the last Capital Market Development Council meeting, but it requires the SEC (Securities and Exchange Commission) to update and change the REIT laws implementing rules and regulations. He added that tax authorities will have to be more flexible so that Philippine REITs will be competitive. "It's quite simple. We know what was approved by the law and we know what our neighbors are doing and what taxation framework is being applied," Sicat said lamenting that the current local environment for REITs is plagued by high friction cost and difficult rules. He noted that Thailand is launching its REIT product soon and global investors are going to look at that. The PSE has been continuously hoping that the government will be more flexible with REITs. …

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PSE Wants SEC, BIR to Give REITs Better Chance to Be Competitive
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