Republic of the Philippines
SECURITIES AND EXCHANGE COMMISSION
SEC Building, EDSA, Greenhills
Mandaluyong City

IMPLEMENTING RULES AND REGULATIONS
OF THE REAL ESTATE INVESTMENT TRUST (REIT) ACT OF 2009

Pursuant to Section 22 of Republic Act No. 9856, An Act Providing the Legal Framework for Real Estate Investment Trust, the following Implementing Rules and Regulations are hereby promulgated.

Rule 1 - Title of Rules

These Rules shall be referred to as the "Implementing Rules and Regulations of Republic Act No. 9856, otherwise known as the Real Estate Investment Trust (REIT) Act of 2009" or the "REIT Rules."

Rule 2 - Objectives

These Rules are promulgated consistent with the declared policy of the State to promote the development of the capital market, democratize wealth by broadening the participation of Filipinos in the ownership of real estate in the Philippines, use the capital market as an instrument to help finance and develop infrastructure projects, and protect the investing public.

The implementation and application of these Rules shall adhere as closely as possible to the attainment of the foregoing policy objectives.

Rule 3 - Definition of Terms Used in the Rules

When used in these Rules and Regulation, the term -

a. "Act" means Republic Act No. 9856 otherwise known as the Act Providing the Legal Framework for Real Estate Investment Trust.

b. "Adviser" means a lawyer, accountant, auditor, financial or business consultant, and such other persons rendering professional advisory services to REIT.

c. "Affiliate" means a corporation that directly or indirectly, through one or more intermediaries, is controlled by, or is under the common control of, another corporation, which thereby becomes its parent corporation.

d. "Associate" of a person includes:

i. Any relative of such person within the fourth (4th) degree of consanguinity or affinity; and

ii. Any company in which he/she and his/her relative within the fourth (4th) degree of consanguinity or affinity, directly or indirectly, has an interest of twenty-five percent (25%) or more.

e. "BIR" means the Bureau of Internal Revenue.

f. "BSP" means the Bangko Sentral ng Pilipinas.

g. "Cash Equivalent Items" means instruments or investments that are highly liquid and marketable and are considered good as cash, including savings and/or time deposits (peso or foreign currency denominated) maintained with any duly licensed universal, commercial or thrift bank that has passed the accreditation process of the Fund Manager.

https://lawphil.net/administ/dof/sec/irr_reit_2010.html