THE REALTTORNEY

Insights of a Real Estate Attorney

Bill on REITs Signed into Law by November 2009?

Posted by Atty. Jojo on August 23, 2009

The Congress of the Philippines is getting closer to enacting a law that will regulate Real Estate Investment Trusts (REITs) in the country.

As mentioned earlier, the House of Representatives last June 3, 2009 approved on Third Reading House Bill No. 6379 (An Act Providing the Legal Framework for Real Estate Investment Trusts and for Other Purposes). The bill is authored by Rep. Juan Edgardo M. Angara of the Lone District of Aurora and was filed last May 19, 2009.

Meanwhile, Senate Bill No. 63 (An Act Providing the Regulatory Framework for Real Estate Investment Trusts and for Other Purposes) was filed last June 30, 2007 by Sen. Edgardo J. Angara. On September 24, 2008, the Committees on Banks, Financial Institutions and Currencies and Ways and Means approved the substitution of Senate Bill No. 63 to Senate Bill No. 2639, as per Committee Report No. 103.

Senate Bill No. 2639 is entitled “An Act Providing the Regulatory Framework for Real Estate Investment Companies and for Other Purposes.” It was approved on third reading last March 2, 2009. Two days later, the Senate sent a copy of Senate Bill No. 2639 to the House of Representatives requesting for concurrence.

On August 11, 2009, the House requested the Senate for a conference on the disagreeing provisions of Senate Bill No. 2639 and House Bill No. 6379. The Bicameral Conference Committee was scheduled on July 29, 2009. Another conference committee is scheduled sometime in September 2009 to iron out the remaining disagreeing provisions of SBN 2639 and HBN 6379.

If all goes well then by late September the Bicameral Conference Committee Report will be ratified by both chambers of Congress. Soon thereafter, the bill will be sent to Malaca├▒an for the signature of the President sometime in the first week of November 2009.

One Response to “Bill on REITs Signed into Law by November 2009?”

  1. jhem fauni said

    Hi! Atty. Jojo! I find your website really interesting and very informative. I’m jhem fauni, I’m the community Relations Officer of a certain developer. Was hired last February 1, 2011. I’m really a newbie in the business. Though I have some knowledge with regards to Homeowners Association since my last work was with the Local Government Unit for 7 years and my father was a long time HOA President, I’m still confuse regarding some matters concerning HOA and Developer relationship. Atty, Can you help me by giving your opinion or legal bases on this? Most of our projects are not yet turned over to the LGU or HOA. Is it still the obligation of the developer to shoulder the bills for the streetlights or can the developer turn over the responsibility of paying the bills to the HOA? and another thing, is it rightful to turnover the full responsibility to the HOA with regards to paying for the security services of their subdivision even if the project is not yet turned over to them? I hope you can enlighten me. Thanks and best regards!

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