The growing roster of Real Estate Investment Trust (REIT) offerings will propel the property sector’s growth beyond the pandemic, and will serve as a catalyst for the Philippines’ quick and strong economic recovery, said Finance Secretary Carlos Dominguez.
Dominguez said REIT has proven to be the ideal tool to raise billions of pesos required to power property development in the country while at the same time opening attractive and dependable investment opportunities for the average Filipino.
As with the previous REIT offerings, he said the latest to be listed by Filinvest Land Inc. in the Philippine Stock Exchange (PSE) amid the coronavirus disease 2019 (COVID-19) pandemic underscores the confidence of investors in the economy’s solid recovery from the impact of the global contagion.
Dominguez said at the listing ceremony for the Filinvest REIT Corp. (FILREIT) at the PSE the company’s portfolio of “Grade A” office and commercial properties located in strategic areas and catering primarily to the business process outsourcing and information technology sectors will “surely provide attractive dividend yields for investors.”
Dominguez also encouraged Filinvest to further expand its portfolio of sustainable property developments, especially outside Metro Manila.
Dominguez said he is “fairly certain” that the country has gone sthrough the worst part of the COVID-19 induced crisis and is well on its way to recovery.
“Despite the recent lockdown to contain the Delta variant, prospects for a strong economic rebound in 2021 remain promising. Our vaccination program, which is the most potent weapon we have against this unseen enemy, is proceeding at pace. This is a step closer to achieving herd immunity in the country,” he said.
FILREIT is the third REIT offering in the country after Ayala Land Inc. and DoubleDragon Properties Corp. earlier listed their respective REITs in the PSE amid the pandemic. – Angela Celis
