Listed company PLDT Inc. (TEL) disclosed last Monday, June 22, that it has applied with the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) to create the Philippines’ first digital infrastructure Real Estate Investment Trust (REIT) called VITRO REIT Inc. (VITRO).
The initial public offering (IPO) is essentially a REIT fund-raising exercise. However, this involves the introduction of an entirely new asset class that will effectively bring about a new structural transformation in the capital market. It’s a special yield-driven financial mechanism designed to unlock the deep latent values within PLDT’s digital asset ecosystem. (READ: [ANALYSIS] Not all REITs are created equal)
REITs were established from the passage of the Real Estate Investment Trust Act of 2009, otherwise known as Republic Act No. 9856. It made possible the creation of companies that will own, operate, or finance the income-generating real estate assets of a commercial or industrial enterprise. But the REITs that were created then were confined to brick-and-mortar edifices with clear commercial tenancies such as office buildings, commercial malls, and industrial warehouses.
With the issuance of SEC Memorandum Circular No. 1, Series of 2026, the regulatory paradigm in the securitization of real estate assets shifted decisively to fundamentally redefine the boundaries and context of a “real estate asset” into including the broader products of the global digital economy.
