Archive for September, 2010

Philippines Tax Talk: Understanding the REIT Act

In a bid to boost the stock market, the Real Estate Investment Trust (REIT) Act was recently passed into law, marking the fourth legislative attempt to bolster economic growth and development in Philippine markets. The Real Estate Investment Trust (REIT) Act of 2009 (Republic Act No. 9856) promises to promote economic development in capital markets, democratize the distribution of wealth by increasing Filipino participation in the Philippine real estate market, enable the financing of infrastructure and other projects through the management of capital markets, and provide protection to the investing public.

Aquino Vows to Improve Foreign Investments in the Philippines

In his first state of the nation address (SONA) on July 26, 2010, newly elected president Benigno Aquino III vowed to boost foreign investments in the country, fight corruption within the government sector and create job opportunities for the local workforce. Aquino promised to “boost collection and fight corruption in the tax and customs bureaus” and to provide for the education, housing, and health care needs of working class Filipinos.