Category Archives: Corporate & Investments

Fit and Proper Rule (Rule 8, REIT Rules): Full Text

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[Table of Contents and Introduction / Salient Points; Rules 1-3; Rule 4; Rule 5; Rule 6; Rule 7; Rule 8; Rule 9; Rules 10-11]

Rule 8 – Fit and Proper Rule 

SEC. 1. Fit and Proper Rule. To maintain the quality of management of the REIT and afford better protection to REIT investors, the Commission, or the concerned regulatory agency, shall prescribe or pass upon and review the qualifications of individuals elected or appointed as directors or officers of the REIT, REIT fund managers, REIT property managers, distributors and other REIT participants and disqualify those found unfit. The appropriate regulatory agency may disqualify, suspend or remove any director or officer who commits or omits an act which renders him unfit for the position. 

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Property Manager (Rule 7, REIT Rules): Full Text

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[Table of Contents and Introduction / Salient Points; Rules 1-3; Rule 4; Rule 5; Rule 6; Rule 7; Rule 8; Rule 9; Rules 10-11]

Rule 7 – Property Manager 

SEC. 1. Property Manager. A REIT shall appoint a Property Manager who shall be independent of the REIT, its promoter/s or sponsor/s. To ensure independence of the property manager from the REIT, the following shall be complied with: 

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Property Valuer (Rule 9, REIT Rules): Full Text

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[Table of Contents and Introduction / Salient Points; Rules 1-3; Rule 4; Rule 5; Rule 6; Rule 7; Rule 8; Rule 9; Rules 10-11]

Rule 9 – Property Valuer 

SEC. 1. Appointment of an Independent Property Valuer. A REIT shall appoint a duly accredited independent Property Valuer to prepare a full valuation of a REIT’s assets at least once a year in accordance with the applicable rules of asset valuation and valuation methodology prescribed by the Commission. 

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The Real Estate Investment Trust (REIT) Act of 2009 (Republic Act No. 9856): Full Text

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[Full text of Republic Act No. 9856 is reproduced below. See also Implementing Rules and Regulations and Introduction / Salient Points.]

REPUBLIC ACT No. 9856

AN ACT PROVIDING THE LEGAL FRAMEWORK FOR REAL ESTATE INVESTMENT TRUST AND FOR OTHER PURPOSES 

ARTICLE I

GENERAL  PROVISIONS 

SECTION L Short Title. – This Act shall be known as “The Real Estate Investment Trust (REIT) Act of 2009“. 

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BSP Circular 374, series of 2003 (Implementing Sec. 13 of R.A. 9178)

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[Full text of Circular No. 374, series of 2003, issued by the Bangko Sentral ng Pilipinas.]

CIRCULAR NO. 374

Series of 2003

Pursuant to Monetary Board Resolution No. 284 dated 27 February 2003, the implementing rules and regulations of Section 9 and the second Paragraph of Section 13 of R.A. No. 9178, otherwise known as the “Barangay Micro Business Enterprises (BMBEs) Act of 2002” are hereby issued as follows:

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Interim Rules of Procedure for Intra-Corporate Controversies (A.M. No. 01-2-04-SC)

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[Note: The Revised Corporation Code (Republic Act No. 11232), provides that “[p]ursuant to Presidential Decree No. 902-A, retain jurisdiction over pending cases involving intra-corporate disputes submitted for final resolution” (Sec. 179). In other words, intra-corporate disputes and related matters continue to be under the jurisdiction of regular courts, subject to the Interim Rules of Procedure for Intra-Corporate Controversies, the full text of which is reproduced below.]

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The Small Business Corporation (SB Corporation)

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The Small Business Corporation (SB Corporation), also called the Small Business Guarantee and Finance Corporation, was created under Republic Act No. 6977, as amended (also known as the “Magna Carta for Micro, Small and Medium Enterprises (MSMEs)“. The SB Corporation is charged with the primary responsibility of implementing comprehensive policies and programs to assist MSMEs in all areas, including but not limited to finance and information services, training and marketing.

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