ICCP President Manny Ocampo
Proposed amendments by the Securities and Exchange Commission to the rules governing Real Estate Investment Trusts (REITs), which would allow infrastructure assets to be included in the REIT framework, could unlock a fresh wave of public listings—especially as interest rates move lower—according to Investment & Capital Corporation of the Philippines (ICCP).
ICCP President Manny Ocampo said the proposed regulatory changes significantly broaden the REIT universe, paving the way for potential billion-peso offerings from tollway operators, water concessionaires, fiber optic networks, cell tower portfolios, and data center developers once these assets are structured and prepared for the public markets.
He stressed that the timing of the SEC’s initiative is particularly important as it aligns with an easing monetary environment, creating more favorable conditions for both issuers and investors.
“It works well for REITs,” Ocampo said. “If interest rates come down, it does well for REITs because issuers would be encouraged to come to market without having to offer very high dividend yields. REITs are a dividend story at the end of the day.”
Ocampo drew parallels to the expansion of the Philippine REIT market in 2020 and 2021, when relatively low interest rates helped drive a surge in listings. During that period, falling rates eased pressure on issuers to promise elevated dividend payouts, making public offerings a more attractive and efficient capital-raising option.
ICCP, he noted, has remained active in positioning itself around these market windows, recently earning Best IPO at The Asset Triple A Awards for Sustainable Finance 2025 and securing three major wins, including Deal of the Year, at the IHAP Awards 2025.
Looking ahead, Ocampo identified the policy direction of the Bangko Sentral ng Pilipinas as a key catalyst, noting that the prospect of further rate cuts into 2026 could open a strong window for a new generation of infrastructure-backed REITs to list on the market.
Still, he cautioned that while the macroeconomic and regulatory conditions appear supportive, actual listings will hinge on issuer readiness, asset valuation, and overall market sentiment.