The Philippine capital market is on the verge of a significant transformation as the Securities and Exchange Commission (SEC) moves to include infrastructure assets in the Real Estate Investment Trust (REIT) framework. According to the Investment & Capital Corporation of the Philippines (ICCP), this regulatory shift, combined with a declining interest rate environment, is expected to trigger a fresh surge of public listings.
The proposed SEC amendments aim to expand the definition of “eligible assets,” allowing critical infrastructure to be securitized through the REIT structure. ICCP President Manny Ocampo highlighted that this change clears the path for a diverse range of high-value offerings.
Potential billion-peso REITs are expected to emerge from sectors including:
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Transport & Utilities: Tollway operators and water concessionaires.
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Digital Infrastructure: Fiber optic networks, cell towers, and data centers. “The timing of this policy shift is critical,” said Ocampo. “It works well for REITs. As interest rates come down, issuers are encouraged to come to market because they no longer have to provide excessively high dividend yields to attract investors. At the end of the day, REITs are a dividend story.”
Ocampo noted that the current market mirrors the expansion seen in 2020 and 2021, where low interest rates successfully drove a significant number of issuers to the public market. With the Bangko Sentral ng Pilipinas (BSP) signaling a continued easing trajectory into 2026, the cost of capital is becoming increasingly attractive for infrastructure players.
While the regulatory and macroeconomic stages are set, Ocampo cautioned that the timing of actual listings will remain dependent on:
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Issuer Readiness: Internal preparation of assets for public scrutiny.
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Asset Valuation: Achieving pricing that satisfies both issuers and the market.
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Market Sentiment: Broader economic stability.
As a leader in the Philippine capital markets, ICCP continues to be recognized for its role in landmark transactions. The firm recently secured “Best IPO” at The Asset Triple A Awards for Sustainable Finance 2025 and took home three major honors—including “Deal of the Year”—at the IHAP Awards 2025.
With its proven track record, ICCP is uniquely positioned to guide the next generation of infrastructure REITs through this evolving landscape.
