The Philippines has moved closer to approving a law on real estate investment trusts, potentially creating new opportunities for local and foreign investors to own part of the rental income streams of profitable and rapidly growing property assets, including some of the world’s biggest shopping malls.
The Senate, the legislative upper house, on Tuesday passed the measure, which provides numerous tax breaks for exchange-listed Reits that distribute 90 per cent of income to investors. The House of Representatives is to ratify the law before it goes on a break in mid-October.
