Why it is necessary to know and learn about the Revised Implementing Rules and Regulations (IRR) of Republic Act No. 9856, Otherwise known as the Real Estate Investment Trust (REIT) Act of 2009? These Rules shall be referred to as the “Implementing Rules and Regulations of Republic Act No. 9856, otherwise known as the Real Estate Investment Trust (REIT) Act of 2009” or the “REIT Rules” which recently issued by the Security and Exchange Commission (SEC) under SEC Memorandum Circular No. 1 Series of 2020.
The objectives of these Rules are consistent with the declared policy of the State to promote the development of the capital market, democratize wealth by broadening the participation of Filipinos in the ownership of real estate in the Philippines, use the capital market as an instrument to help finance and develop infrastructure project, and protect the investing public.
Besides, the implementation and application of these Rules shall adhere as closely as possible to the attainment of the foregoing policy objectives.
The Rules also mention about the Definition of Terms Used in the Rules and other terms need to consider related to REIT.
To learn more about the “REIT Rules”, consider to read http://www.sec.gov.ph/wp-content/uploads/2020/01/2020MCNo01-1.pdf of the full text of SEC Memorandum Circular No. 1 Series of 2020.