The Philippine Chamber of Agriculture and Food Inc. (Pcafi) has expressed fear over the possible massive buyout of farms from accelerated real estate development encouraged by the revised implementing rules and regulations for Republic Act (RA) 9856, or the “Real Estate Investment Trust Act” (REIT) of 2009.
“The REIT is a mode of floating in the stock market shares of properties. The (revised) law is now reducing public ownership of a REIT to 33 percent (enabling increased control of private companies). Therefore all developers – Ayala, Megaworld, Vistaland, Robinson’s Land—everybody is now up to develop more lands,” said Pcafi President Danilo Fausto.
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