Investment & Capital Corporation of the Philippines said proposed Securities and Exchange Commission rule changes that would allow infrastructure into REITs, combined with easing interest rates, could trigger a fresh wave of listings.
ICCP president Manny Ocampo said the change opens the door for potential billion-peso REIT offerings from toll roads, water utilities, fiber networks, cell towers, and data centers, once these assets are ready for the public market.
The timing matters, Ocampo said, because lower interest rates make it cheaper and easier for issuers to raise capital through REITs.
“It works well for REITs,” Ocampo said. “If the interest rates come down, then it do well for REITs, because issuers would be encouraged to come to market as they will not have to pay very high dividend yields, for example. REITs are a dividend story at the end of the day.”
He pointed to the 2020 to 2021 REIT boom, when low rates helped push several companies to list as dividend expectations became more manageable.
Still, Ocampo cautioned that while the policy and rate backdrop look supportive, actual listings will depend on issuer readiness, asset valuations, and overall market conditions, even as further rate cuts are possible into 2026.
—Edited by Miguel R. Camus
