01/30/2009 [ tribune.net.ph ]
The Philippine Stock Exchange (PSE) expressed confidence the Senate will fully support the approval of a bill introducing real estate investment trusts as a new vehicle to expand the investment horizon in the Philippine stock market and spur growth in the economy.
“We at the PSE await with much anticipation the inclusion of REIT in our growing roster of capital market-friendly legislations. I am hopeful that our senators will help our cause of developing our stock market through a bill that will introduce new investment opportunities for both our local and foreign markets,” PSE president Francis Lim said.
In a sponsorship speech delivered at the Senate on Tuesday, Sen. Edgardo Angara highlighted the significance of bringing in real estate investment trusts, or REITs, with its clear-cut positive contribution to both the stock market and economy.
“Our stock market is considered one of the oldest in Asia; but its inferiority in size is a matter of national embarrassment. In other words, the slow development of our stock market mirrors the slow economic development of our country,” Angara said.