Floor Activity
Date Parliamentary status Senator(s) 9/29/2009 Sponsorship Speech on the Conference Committee Report Angara, Edgardo J.
Legislative History
| House Bill/Resolution NO. HB06379 | |
| REPUBLIC ACT NO. RA09856 | |
| FULL TITLE : AN ACT PROVIDING THE LEGAL FRAMEWORK FOR REAL ESTATE INVESTMENT TRUSTS AND FOR OTHER PURPOSES | |
| SHORT TITLE : The Real Estate Investment Trust (reit) Act Of 2009 | |
| ABSTRACT : "The Real Estate Investment Trust (REIT) Act Of 2009." Seeks to democratize wealth by providing small and large investors alike with the opportunity to participate directly in the ownership and financing of large-scale real estate projects at affordable rates of investment, without the disadvantages of illiquidity, high transaction and management costs, as compared to traditional private and real estate ownership; facilitate the buying and selling of securities of said companies representing an interest in income-producing real estate than to directly buy and sell the properties themselves; provide the investor and the national government a steady income stream since the real estate investment trust is required to declare dividends; allow for cross-border investments that will encourage strategic foreign investments in the capital market; and, develop the capital market, reinvigorate the real property markets and improve investor access to property investments. | |
| PRINCIPAL AUTHOR/S : ANGARA, JUAN EDGARDO M. | |
| DATE FILED : 2009-05-19 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Mitra | 2. Daza (P.) |
| 3. Mandanas | 4. Durano |
| 5. Joson | 6. Romulo |
| CO-AUTHORS (Journal Entries) : | |
| 1. Teodoro (078 ) | 2. Cajayon (025 ) |
| 3. Nograles (000 ) | |
| COUNTERPART HOUSE BILL/CONCURRENT RESOLUTION: SB02639 | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITTEE REPORT NO. 02041 | |
| SUBMITTED ON 2009-05-19 | |
| SUBMITTED BY: ECONOMIC AFFAIRS, WAYS AND MEANS | |
| RECOMMENDATIONS: approval | |
| SUBSTITUTED BILLS: HB00148, HB03566, HB04182 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON RULES ON 2009-05-19 | |
| DATE INCLUDED IN OB: 2009-05-19 | |
| DATE CALENDARED : 2009-05-26 | |
| SECOND READING INFORMATION | |
| DATE APPROVED ON SECOND READING : 2009-05-26 | |
| REMARKS : On May 26, 2009, the Body approved to consider the Explanatory Note of the Bill as the sponsorship remarks on the measure; terminated the period of sponsorship and debate; terminated the period of amendments; and approved the same on Second Reading. | |
| THIRD READING INFORMATION | |
| DATE COPY DISTRIBUTED TO MEMBERS: 2009-05-29 | |
| DATE APPROVED BY THE HOUSE ON THIRD READING :2009-06-03 | |
| HOUSE VOTES: YEAS:180 NAYS:0 ABSTAIN:.0 | |
| DATE TRANSMITTED TO THE SENATE: 2009-08-03 | |
| ACTIONS TAKEN BY THE SENATE/HOUSE | |
| DATE RECEIVED BY THE SENATE: 2009-08-03 | |
| CONFERENCE COMMITTEE INFORMATION | |
| DATE REQUESTED TO FORM A CONFERENCE COMMITTEE : 2009-07-29 | |
| CONFERENCE COMMITTEEE REQUESTED BY : HOUSE | |
| DATE AGREED TO FORM A CONFERENCE COMMITTEE : 2009-09-09 | |
| REMARKS : | |
| CONCOM MEMBERS(HOUSE) : Durano, Daza (P.), Romulo, Joson, Enverga, Cagas (M.), Angara, Lapus, Singson (R.), Chipeco | |
| CONCOM MEMBERS(SENATE) : Angara, Escudero, Legarda, Zubiri, Cayetano (A.), Pangilinan | |
| DATE HOUSE RATIFIED CONCOM REPORT : 2009-09-30 | |
| DATE SENATE APPROVED CONCOM REPORT : 2009-09-29 | |
| ACTIONS TAKEN BY THE PRESIDENT | |
| DATE TRANSMITTED TO THE PRESIDENT : 2009-11-16 | |
| DATE ACTED UPON BY THE PRESIDENT : 2009-12-17 | |
| PRESIDENTIAL ACTION:(A)PPROVED/(V)ETOED/(L)APSED : L | |
| REPUBLIC ACT NO.: RA09856 | |
| ORIGIN : SENATE | |
| REPUBLIC ACT TITLE: AN ACT PROVIDING THE LEGAL FRAMEWORK FOR REAL ESTATE INVESTMENT TRUST AND FOR OTHER PURPOSES |
Abstract
"The Real Estate Investment Trust (REIT) Act Of 2009." Seeks to democratize wealth by providing small and large investors alike with the opportunity to participate directly in the ownership and financing of large-scale real estate projects at affordable rates of investment, without the disadvantages of illiquidity, high transaction and management costs, as compared to traditional private and real estate ownership; facilitate the buying and selling of securities of said companies representing an interest in income-producing real estate than to directly buy and sell the properties themselves; provide the investor and the national government a steady income stream since the real estate investment trust is required to declare dividends; allow for cross-border investments that will encourage strategic foreign investments in the capital market; and, develop the capital market, reinvigorate the real property markets and improve investor access to property investments.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.