SGV shares REITs expertise with clients

MANILA, Philippines – Over a hundred SGV & Co. (SGV) clients were briefed on Real Estate Investment Trusts (REITs) at the Makati Shangri-La Hotel. The briefing was held to generate valuable insights on the formation of, investment in, and operation of REITs. One of the objectives of the briefing was to help make Philippine REITs, and the Philippine capital markets, competitive with their regional counterparts.

The briefing featured Ernst & Young Oceania Real Estate Industry Leader Chris Lawton who discussed REITs in the United States and in Australia, taking particular note of issues encountered by REITs in an economic downturn, internal versus external management, and capital raising strategies and limitations. Atty. Veronica A. Santos discussed structuring issues crucial to the issuance by the Department of Finance of the Revenue Regulations governing the tax regime of Philippine REITs. Philippine Stock Exchange (PSE) president Atty. Val Suarez announced the approval of the PSE REITs listing rules by the Securities and Exchange Commission which could cement the rise of the Philippines as one of the best performing markets in Asia. Former PSE president and ACCRALAW Senior Partner Atty. Francis Ed. Lim gave an overview of the REITs Law and discussed the various implementation issues which have surfaced since it took effect.

This briefing is part of our SGV Thought Leadership Program, which aims to build open information exchange and promote better understanding of the best practices and issues facing all of us in today’s business landscape.