[Republic Act No. 4726, also known as The Condominium Act, became a law on 18 June 1996. The complete text of R.A. 4725 is reproduced below.]
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SUBJECT: REVISED IMPLEMENTING RULES AND REGULATIONS OF REPUBLIC ACT NO. 9856, OTHERWISE KNOWN AS THE REAL ESTATE INVESTMENT TRUST (REIT) ACT OF 2009
Pursuant to Section 22 of Republic Act No. 9856, An Act Providing the Legal Framework for Real Estate Investment Trust, the following Implementing Rules and Regulations are hereby promulgated.
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SEC. 1. Investment in the REIT.
1.1 Investment in a REIT shall be by way of subscription to or purchase of shares of stock of the REIT.
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SEC. 1. Allowable Investments. A REIT may only invest in:
1.1 Real estate.
a. A REIT may invest in real estate located in the Philippines, whether freehold or leasehold. At least seventy-five percent (75%) of the Deposited Property of the REIT shall be invested in, or consist of, income generating real estate. Deposited Property that should be invested in Income-generating Real Estate located in the Philippines shall in no case be less than 35% of the Deposited Property.
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SEC. 1. Fund Manager. A REIT shall appoint a Fund Manager who shall be independent of the REIT, its promoter/s or sponsor/s. To ensure independence of the Fund Manager from the REIT, the following shall be complied with:
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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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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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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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SEC. 1. Compliance with BIR Regulations. The provisions on taxation of REITs provided under the REIT Act shall be subject to the relevant regulations promulgated by the BIR.
Continue reading[Full text of Republic Act No. 9856 is reproduced below. See also Implementing Rules and Regulations and Introduction / Salient Points.]
SECTION L Short Title. – This Act shall be known as “The Real Estate Investment Trust (REIT) Act of 2009“.
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