Authoritative seminar on REIT set for June 24

MANILA, Philippines - The principal advocates and primary implementors of the Real Estate Investment Trust will come together tomorrow, June 24, from 1 p.m. to 5 p.m., at the Top of the City, Citibank Tower on Paseo de Roxas Avenue, Makati City to discuss the new investment vehicle. Discussants include lawyer Francis Ed. Lim of the PSE, SEC director Justina F. Callangan, and BIR assistant commissioner Edwin Abella.

To give an overview of the enabling law, R.A. No. 9856, is Lim, who is past president and CEO of the Philippine Stock Exchange. It was Lim who spearheaded the drafting of the bill for Congress’s consideration and shepherded it through the legislative mill.

Director Justina F. Callangan of the Corporate Finance Department of the Securities and Exchange Commission, which the main agency charged to implement the new law, will discuss the regulations that had been crafted to flesh out the process of putting a REIT on stream.

Since the attractiveness of the REIT depends on the tax benefits that investors and other participants can avail themselves of, Assistant Commissioner Edwin R. Abella of the Bureau of Internal Revenue will explain just exactly the competitive advantage granted by R.A. No. 9856.

The discussion will be wrapped up by lawyer Reynaldo G. Geronimo’s exposition of the business opportunities that are opened up by the new law to the private sector, such as real estate developers, property managers, securities brokers, property assessors, not to mention accountants, lawyers, and the usual service providers to private enterprise.

Lawyer Jacqueline R. Laurel, partner at the Romulo Mabanta Buenaventura Sayoc & De los Angeles law office, will act as the round-table discussion’s facilitator.

Interested parties wanting to secure reservations may call Mel Maranan at 849-2292 or 813-4108 to ask for the forms. The fee of P3,000 per person will cover also the certificate of participation and the MCLE credits that have been applied for lawyers who attend.