The Philippine Stock Exchange yesterday welcomed the Senate?s approval of a bill that gives investors a wider participation in the ownership of real estate and related assets.

PSE president and chief executive Francis Lim said the passage of Real Estate Investment Trusts bill on the third and final reading by the Senate ?brings the country a step closer to putting in place a system that will significantly enable ordinary Filipinos to share in the ownership of income-generating real estate.?

The Reit bill was drafted to allow the establishment of a corporation that can own income-generating real estate assets, whose shares of stock could be made accessible to small and large investors alike.

The proposed law requires the listing of stocks in a company in the stock exchange to enable the general public to buy them and promote transparency.

Lim said investment risks in Reit are minimized once assets are managed professionally by an independent fund and property manager. Shareholders are also assured of their investment?s rate of return through the required dividend payout of at least 90 percent.

?Under the law, ordinary Filipinos will not only own a part of a mall or hotel but will also share annually in the income of these establishments. I believe the Reit system is a win-win for our economy because it presents an attractive investment vehicle for local and foreign investors, thereby accelerating the growth of the local stock market,? Lim said. Jenniffer B. Austria