Property firms push for REITs bill approval

Property firms are backing the approval of a measure establishing real estate investment trusts (REITs), saying this would further invigorate the local market.

Jaime I. Ayala, president of Ayala Land, Inc., said property firms would get another avenue to raise capital, and the public, a new investment vehicle to put in their funds.

“It will be a win-win situation. It will allow us to get more capital to allow us to develop more projects, and at the same time, this will be a nice form of investment for the public,” Mr. Ayala said yesterday during the Second Philippine REIT Forum.

Jeffrey C. Lim, executive vice president and chief finance officer of SM Prime Holdings, Inc. expressed the same sentiment.

“This will spur economic activity since this will give investors good yields. This will also give property companies a chance to develop more projects,” he said.