Legislative History
| House Bill/Resolution NO. HB06163 |
| FULL TITLE : AN ACT AMENDING SECTIONS 3, 8, AND 9 OF REPUBLIC ACT NO. 9856, OTHERWISE KNOWN AS "THE REAL ESTATE INVESTMENT TRUST (REIT) ACT OF 2009" |
| ABSTRACT : Intends to ensure that the funds invested through the "Real Estate Investment Act of 2009" enacted to promote the development of the capital market to fund infrastructure projects and further improve the real estate industry, are to be reinvested in the Philippines to secure full domestic participation in the real estate industry.Defines the terms "REINVESTMENT PLAN" and provides that any proceeds realized by the sponsor/promoter from the sale of R E I T share or other securities issued in exchange for income - generating real estate transferred to R E I T and any money raised by the sponsor/promoter from the sale of any of its income - generating to the R E I T, in any real estate including any redevelopment thereof, and/or infrastructure projects in the country, must be reinvested in the Philippines. |
| PRINCIPAL AUTHOR/S : GARIN, SHARON S. |
| DATE FILED : 2020-02-03 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE |
| MOTHER BILL: HB06430 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON ECONOMIC AFFAIRS ON 2020-02-05 |
Abstract
Intends to ensure that the funds invested through the "Real Estate Investment Act of 2009" enacted to promote the development of the capital market to fund infrastructure projects and further improve the real estate industry, are to be reinvested in the Philippines to secure full domestic participation in the real estate industry.Defines the terms "REINVESTMENT PLAN" and provides that any proceeds realized by the sponsor/promoter from the sale of R E I T share or other securities issued in exchange for income - generating real estate transferred to R E I T and any money raised by the sponsor/promoter from the sale of any of its income - generating to the R E I T, in any real estate including any redevelopment thereof, and/or infrastructure projects in the country, must be reinvested in the Philippines.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.