Bill Type
Short Title
REAL ESTATE INVESTMENT TRUST (REIT) ACT
Text as Filed (File)
Third Reading Copy link (HRep)
Scope
Legislative Status
Legislative Status Date
Session Sequence No.
67
Session Type
Subjects
Document Certification
All Information (Senate Website)
Legislative History (Senate Website)
Committee Referral (Senate Website)
Committee Details
House Committee Report link
Legislative History
| House Bill/Resolution NO. HB06430 | |
| FULL TITLE : AN ACT PROVIDING FOR A REINVESTMENT FRAMEWORK FOR REAL ESTATE INVESTMENT TRUST (REIT) SPONSORS, AMENDING SECTIONS 3, 8, AND 9 OF REPUBLIC ACT NO. 9856, OTHERWISE KNOWN AS "THE REAL ESTATE INVESTMENT TRUST (REIT) ACT OF 2009" | |
| SHORT TITLE : Providing For A Reinvestment Framework For Real Estate Investment Trust (reit) Sponsors | |
| 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.Mandates that the REIT shall submit a Reinvestment Plan to the Exchange or the Commission upon registration and must annually secure a Certification from the Commission that it is compliant with its Reinvestment Plan. | |
| PRINCIPAL AUTHOR/S : GARIN, SHARON S., RODRIGUEZ, RUFUS B., BARBERS, ROBERT ACE S., GATCHALIAN, WESLIE T., AGLIPAY, MICHAEL EDGAR Y., NOGRALES, JERICHO JONAS B. | |
| DATE FILED : 2020-03-02 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Cagas (000 2020-05-31) | |
| AUTHORS(Final/Third Reading) : | |
| 1. Garin (S.) | 2. Rodriguez |
| 3. Barbers | 4. Gatchalian |
| 5. Aglipay | 6. Nograles (J.J.) |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITTEE REPORT NO. 00250 | |
| SUBMITTED ON 2020-03-02 | |
| SUBMITTED BY: ECONOMIC AFFAIRS | |
| RECOMMENDATIONS: Approval in substitution of House Bills Numbered 6163 and 6291 | |
| SUBSTITUTED BILLS: HB06163, HB06291 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON RULES ON 2020-03-02 | |
| DATE INCLUDED IN OB: 2020-03-02 | |
| DATE CALENDARED : 2020-03-04 | |
| SECOND READING INFORMATION | |
| PERIOD OF SPONSORSHIP : 2020-03-04, 2020-03-09 | |
| SPONSORED BY : Garin (S.);Garin (S.) | |
| DATE SPONSORSHIP/DEBATE CLOSED: 2020-03-09 | |
| FINAL LIST OF AUTHORS : Garin (S.), Rodriguez, Barbers, Gatchalian, Aglipay, Nograles (J.J.) | |
| DATE APPROVED ON SECOND READING : 2020-03-09 | |
| THIRD READING INFORMATION | |
| DATE COPY DISTRIBUTED TO MEMBERS: 2020-03-10 | |
| DATE APPROVED BY THE HOUSE ON THIRD READING :2020-06-01 | |
| THIRD READING TITLE : AN ACT PROVIDING FOR A REINVESTMENT FRAMEWORK FOR REAL ESTATE INVESTMENT TRUST (REIT) SPONSORS, AMENDING SECTIONS 3, 8, AND 9 OF REPUBLIC ACT NO. 9856, OTHERWISE KNOWN AS "THE REAL ESTATE INVESTMENT TRUST (REIT) ACT OF 2009" | |
| HOUSE VOTES: YEAS:223 NAYS:0 ABSTAIN:.1 | |
| Voting Details Per Member(Legend:Y-Yes N-No A-Abstain X-Did Not Vote B-Absent D-N/A) | |
| Y---Abante | Y---Abaya |
| Y---Abellanosa | Y---Abu |
| Y---Abueg-Zaldivar | Y---Abunda |
| Y---Acop | Y---Acosta |
| Y---Acosta-Alba | Y---Adiong |
| X---Advincula | Y---Agabas |
| Y---Agarao | Y---Aglipay |
| Y---Albano (A.) | D---Albano (R.)--(N/A) |
| Y---Vargas Alfonso | Y---Almario |
| Y---Alonte | Y---Alvarez (F.) |
| X---Alvarez (G.) | X---Alvarez (P.) |
| Y---Amante-Matba | X---Amatong |
| Y---Andaya | Y---Angara |
| Y---Aragones | Y---Arbison |
| Y---Arenas | Y---Macapagal Arroyo |
| Y---Arroyo | Y---Atienza |
| X---Aumentado | Y---Babasa |
| Y---Bagatsing | Y---Bainto-Aguinaldo |
| Y---Balindong | Y---Bañas-Nograles |
| Y---Barba | Y---Barbers |
| X---Baronda | X---Barzaga |
| Y---Bascug | Y---Bautista |
| Y---Bautista-Bandigan | Y---Belmonte |
| Y---Benitez | X---Bernos |
| X---Biazon | Y---Billones |
| Y---Biron | Y---Bolilia |
| Y---Bondoc | Y---Bordado |
| Y---Bravo | Y---Brosas |
| X---Bulut | Y---Bustos |
| Y---Cabatbat | Y---Cabochan |
| Y---Cabredo | Y---Cagas |
| Y---Calderon | X---Calixto |
| X---Caminero | Y---Campos |
| X---Canama | X---Caoagdan |
| D---Cardema--(N/A) | Y---Cari |
| Y---Castelo | Y---Castro (F.L.) |
| X---Castro (F.H.) | Y---Cayetano (A.P.) |
| Y---Cayetano (M.L.) | Y---Celeste |
| Y---Chatto | Y---Chipeco |
| Y---Chungalao | Y---Co (A.N.) |
| X---Co (E.) | X---Cojuangco |
| X---Collantes | Y---Crisologo |
| Y---Cua | Y---Cuaresma |
| Y---Cueva | Y---Cullamat |
| Y---Dagooc | X---Dalipe |
| Y---Dalog | X---Datol |
| X---Ruiz Daza | X---De Jesus |
| X---De Venecia | Y---Defensor (L.) |
| X---Defensor (M.) | Y---Del Mar |
| Y---Delos Santos | Y---Deloso-Montalla |
| Y---Dimaporo (A.) | Y---Dimaporo (M.K.) |
| Y---Duavit | Y---Dujali |
| Y---Duterte | Y---Dy (F.M.C.) |
| Y---Dy (F.) | X---Dy (I.P.) |
| Y---Ebcas | Y---Ecleo |
| Y---Elago | Y---Enverga |
| Y---Erice | Y---Eriguel |
| X---Ermita-Buhain | Y---Escudero |
| Y---Espina | Y---Espino |
| Y---Estrella | Y---Fariñas (R.C.) |
| X---Fariñas I (R.C.) | Y---Fernandez |
| X---Fernando | Y---Ferrer (J.M.) |
| X---Ferrer (L.) | X---Flores |
| D---Fongwan--(N/A) | X---Fortun |
| Y---Fortuno | Y---Frasco |
| Y---Fuentebella | Y---Gaite |
| X---Garbin | Y---Garcia (J.E.) |
| Y---Garcia (P.J.) | Y---Garcia (V.) |
| Y---Garin (J.) | Y---Garin (S.) |
| Y---Gasataya | X---Gatchalian |
| Y---Gato | X---Geron |
| Y---Go (E.C.) | Y---Go (M.) |
| Y---Torres-Gomez | Y---Gonzaga |
| X---Gonzales (A.) | Y---Gonzales (N.) |
| X---Gonzalez | Y---Gorriceta |
| Y---Guico | X---Gullas |
| X---Guya | Y---Haresco |
| A---Hataman | Y---Hernandez |
| Y---Herrera-Dy | Y---Hofer |
| Y---Jalosjos | Y---Javier |
| Y---Jimenez | Y---Kho (E.) |
| X---Kho (W.) | X---Khonghun |
| Y---Labadlabad | Y---Lacson |
| X---Lacson-Noel | Y---Lagman |
| Y---Lagon | Y---Lara |
| Y---Lazatin | X---Leachon |
| Y---Legarda | Y---Lim |
| Y---Limkaichong | X---Lopez (M.L.) |
| Y---Loyola | Y---Lusotan |
| Y---Maceda | X---Madrona |
| Y---Malapitan | X---Mangaoang |
| Y---Mangudadatu | Y---Marcoleta |
| Y---Mariano-Hernandez | X---Mariño |
| Y---Marquez | Y---Martinez |
| Y---Matba | Y---Matugas |
| X---Mendoza | X---Mercado |
| Y---Momo | Y---Natividad-Nagaño |
| X---Nava | Y---Nieto |
| X---Noel | X---Nograles (J.J.) |
| Y---Nograles (J.F.F.) | Y---Nolasco |
| X---Nuñez-Malanyaon | Y---Oaminal |
| Y---Olivarez | Y---Ong (J.) |
| Y---Ong (R.) | D---Ordanes--(N/A) |
| X---Ortega | Y---Ouano-Dizon |
| Y---Pacquiao (A.) | Y---Pacquiao (R.) |
| Y---Padiernos | Y---Paduano |
| Y---Palma | Y---Pancho |
| X---Panotes | Y---Peña |
| X---Pichay | Y---Pimentel |
| Y---Pineda | Y---Plaza |
| Y---Puno | Y---Quimbo |
| Y---Radaza | Y---Ramirez-Sato |
| X---Ramos | Y---Remulla |
| Y---Revilla | Y---Reyes |
| Y---Rivera | Y---Robes |
| Y---Rodriguez | Y---Roman |
| X---Romero | Y---Romualdez (F.M.) |
| Y---Romualdez (Y.M.) | Y---Romualdo |
| X---Romulo | Y---Roque |
| X---Sacdalan | X---Sagarbarria |
| X---Sakaluran | Y---Salceda |
| Y---Salimbangon | Y---Salo |
| Y---Salvador-Tambunting | Y---Sanchez |
| Y---Sangcopan | Y---Santos-Recto |
| Y---Sarmiento | Y---Saulog |
| Y---Savellano | Y---Siao |
| Y---Silverio | X---Singson |
| Y---Singson-Meehan | Y---Sinsuat |
| Y---Suansing (E.) | Y---Suansing (H.) |
| X---Suarez (A.) | Y---Suarez (D.) |
| Y---Suntay | Y---Sy-Alvarado |
| Y---Taduran | Y---Tallado |
| X---Tan (A.S.) | Y---Tan (A.) |
| X---Tan (S.) | Y---Tan (S.A.) |
| X---Tan-Tambut | Y---Tejada |
| X---Teves (A.) | Y---Teves (J.) |
| Y---Tiangco | X---Tolentino |
| Y---Tulfo | Y---Tupas |
| Y---Tutor | X---Ty (A.) |
| Y---Ty (D.) | Y---Umali (A.) |
| Y---Umali (M.V.) | Y---Unabia |
| X---Ungab | X---Uy (J.) |
| X---Uy (R.) | Y---Valeriano |
| Y---Valmayor | Y---Vargas |
| Y---Velasco | Y---Veloso |
| X---Vergara | Y---Villa |
| X---Villafuerte | Y---Villanueva (E.) |
| Y---Villanueva (N.) | Y---Villar |
| Y---Villaraza-Suarez | Y---Villarica |
| X---Violago | X---Yap (E.) |
| Y---Yap (V.) | X---Yu |
| X---Zamora (R.) | Y---Zamora (W.K.) |
| Y---Zarate | Y---Zubiri |
| DATE TRANSMITTED TO THE SENATE: 2020-06-03 | |
| ACTIONS TAKEN BY THE SENATE/HOUSE | |
| DATE RECEIVED BY THE SENATE: 2020-06-03 | |
| REMARKS : |
Senate Legislative History
Entitled: AN ACT PROVIDING FOR A REINVESTMENT FRAMEWORK FOR REAL ESTATE INVESTMENT TRUST (REIT) SPONSORS, AMENDING SECTIONS 3, 8, AND 9 OF REPUBLIC ACT NO. 9856, OTHERWISE KNOWN AS "THE REAL ESTATE INVESTMENT TRUST (REIT) ACT OF 2009" [ FIRST REGULAR SESSION, 18TH CONGRESS ] [ 2020 ] Introduced by Representatives SHARON S. GARIN, RUFUS B. RODRIGUEZ, ROBERT ACE S. BARBERS, WESLIE GATCHALIAN, MICHAEL EDGAR Y. AGLIPAY and JERICHO JONAS B. NOGRALES; Approved on Third Reading by the House of Representatives on June 1, 2020; 6/3/2020 Sent to the Senate requesting for concurrence; 6/3/2020 Read on First Reading and Referred to the Committee(s) on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES and ECONOMIC AFFAIRS;
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.Mandates that the REIT shall submit a Reinvestment Plan to the Exchange or the Commission upon registration and must annually secure a Certification from the Commission that it is compliant with its Reinvestment Plan.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.