REIT regulation

The Philippine REIT experiment will start with Ayala Land, but challenges lay ahead

After years of regulatory horse trading with the market, one of the Philippines' highest profile companies is set to list the country’s first ever REIT. In what is seen as a huge shift in sentiment to the asset class, the country’s high-grade real estate market is, however, under strain from global economic shifts.

In any tropical archipelago, business often runs on island time. For the Philippines, that consists of almost 8,000 islands, economic developments sometimes run painfully slow.

President Rodrigo Duterte’s ambitious Build Build Build’ programme, a $180 billion infrastructure campaign to drive investment and economic growth while simultaneously removing bureaucratic red tape, is facing increasing pressure to deliver results.

For the 100 million Filipinos, the frustration of sitting in congested traffic jams on unpaved roads is a shared struggle. When the previous Aquino administration outlined its infrastructure initiative under a public-private-partnership PPP, high expectations were met with slow delivery. Many Philippine corporations slighted the PPP as...

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