MANILA, Philippines – The real estate industry has unveiled a four-point wish list for the new administration, including a more proactive move to support the Real Estate Investment Trust (REIT) because this can bring in an additional $1 billion worth of investments in the industry.
“We are asking the new administration to support the REIT Law,” Rick Santos, chairman of international property firm CB Richard Ellis Philippines, told The STAR in an interview.
The other three items in the wish list are: Support for the business process outsourcing (BPO) industry; ease of access to property by foreign investors; and infrastructure support.
As an added measure, Santos said the government can institute reforms in the judiciary. On the positive side, Santos said security risks are not a concern anymore for investors. “This is not stopping the investors from coming here. It is not a major concern.”
For the BPO, Santos said there is a need to continue making the country an attractive destination because the BPO industry is the leading market for office spaces.
On foreign ownership, Santos said there would be a need to amend the constitution in order to make it easier for non Filipinos to buy land in the country. “I understand that constitutional amendments are needed and this may not come in the near future.”
However, he said the government can focus on constructing infrastructure that will make the Philippines a viable investment destination. For instance, he said airports can be refurbished and the railway system can be improved.
Meanwhile, most big players in the real estate industry are seriously entertaining the possibility of raising capital through REIT. By the third or fourth quarter of the year, Santos estimated that a total of $1 billion will be infused.
“The REIT Law is the most positive thing that happened to the industry because it created transparency and liquidity in the market,” Santos explained. –Ma. Elisa P. Osorio (The Philippine Star)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
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Accept the National Unity Government (NUG)
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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