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First Mover Advantage

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Colliers sees greater interest in the implementation of the REIT law following the signing of the measure’s amended implementing rules and regulations (IRR) and Ayala Land’s Inc.'s (ALI) REIT filing. We expect ALI's move to entice national and provincial players to follow suit.

Colliers sees ALI's move as a catalyst in enticing Philippine developers to utilize REITs as an alternative source of fresh capital.

Colliers recommends that developers use REITs to access a cheaper source of capital and renovate and reposition assets such as offices, malls, and warehouses. Given the dearth of developable land and surging land values in Metro Manila, firms may also use REIT proceeds to develop integrated communities in key cities outside the country’s capital such as Cebu, Davao, Iloilo, Bacolod and Pampanga. We also encourage provincial players that meet the capitalization requirement to tap REIT.

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First Mover Advantage

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Joey Bondoc

Associate Director

Research

Manila

Prior to joining Colliers in March 2016, Joey worked as a Research Manager for a research and consutancy firm where he handled business, political, and macroeconomic analysis. He took part in a number of consultancy projects with multilateral agencies and provided research support and policy recommendations to key government officials and top executives of MNCs in the Philippines.

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