Real Estate Investment Trust Act of 2009, Republic Act No. 9856 (Philippines)

Investments in a Real Estate Investment Trust (REIT) shall be through subscription or purchase of shares of stock of the REIT. Shares of stock of the REIT shall be offered for subscription or sale in accordance with a REIT plan and other requirements as prescribed by the Securities and Exchange Commission (Commission), and must be registered and listed accordingly. 

A REIT must distribute annually at least 90% of its distributable income as dividends to its shareholders not later than the last day of the fifth month following the close of the fiscal year of the REIT. The dividends shall be payable only from out of the unrestricted retained earnings of the REIT. REITs are required to be a publicly listed company, and shall have a minimum paid-up capital of Three Hundred Million Pesos (Php 300,000.000.00). 

REITs may only invest in real estate, real estate-related assets, managed funds, government securities issued on behalf of the Philippine government or governments of other countries and securities issued by multilateral agencies, cash and cash equivalent items, and such other similar investments as the Commission may allow.