In support of the thrust for the development of new financing schemes in real estate development and in the furtherance of capital markets development, the Home Guaranty Corporation (“HGC”) participated in the 2nd Annual Real Estate Investment Thrust (“REIT”) Summit, a three-day, workshop and conference held at New World Hotel in Makati from July 26 to 28, 2010. The summit, organized by The Pinnacle Training Group, brought together stakeholders of REIT from the private and government sectors.

REIT Law is considered as one of the country’s landmark reforms that will boost the capital markets. The summit is one of the first initiatives subsequent to the passage of the law and has become a venue for clarifications and discussions regarding this new investment vehicle in the country. Speakers talked about the Philippine economic outlook, the opportunities of REIT in the country, experiences of REITs in other countries, among others. A panel discussion on key issues such as taxation, regulatory and accounting issues regarding the IRR of the REIT Law also highlighted the event. Among the speakers and resource persons were Sen. Edgardo Angara, the author of REIT Law; Francisco Sebastian, President of First Metro Investment Corporation; Commissioner Ma. Juanita Cueto of SEC; and Val Antonio B. Suarez of PSE.

As the sole guaranty institution for housing, HGC intends to craft new guaranty programs that will enhance this new investment vehicle. Under R.A. 8763, the Corporation is mandated to guaranty receivables relating to housing-related transactions.