|

Lectures &
Presentations
News & Views
Law &
Jurisprudence
Administrative
Issuances
Trust Products
& Practice
About the Guru
the
Trust Guru Articles
Trust and Estates Articles
geronimo @ tax
Articles
Links
Email Feedback
Guest Register
Mission & Vision
Statement
Archive
|
|
|
|
|
|
| |
|
|
| |
(articles form Manila Standard
Today)
|
|
| |
Modernizing our
laws
If only as a symbolic
gesture to start the renewal and reform that the new administration III of
President Benigno C. Aquino III is ushering in, his allies in Congress
should think of immediately conduct a review of the criminal laws in the
country to rid our penal system of outmoded provisions and precepts. Lack
of space for this piece prevents an exhaustive exposition, and even just an
enumeration, of those many archaic features of our laws; but a hop, skip and
jump over the Revised Penal Code (RPC) is sufficient to prove my thesis.
Our RPC dates back to 1886.
By Royal Decree dated December 17, the Penal Code then in force in the
Spanish Peninsula was ordered published and made effective in the Philippine
Islands. It was revised, as per Administrative Order No. 94 of the
Department of Justice, enacted into law by the Philippine Legislature on
December 8, 1930 and took effect January 1, 1932.
Click
for Complete Article
|
|
| |
A Postscript on the REIT
It
was not surprising that out of the more than 80 who attended the Round-Table
Discussion that the Romulo law office organized last week, on June 24,
concerning R.A. No. 9856, only about 10 from the trust industry, by trust
industry’s stalwart Raul Diaz own count, attended. The present trust
industry appears to be carrying some heavy baggage when it comes to real
estate in general and to the Real Estate Investment Trust in particular.
Click
for Complete Article
|
|
| |
Taxation of the
REIT
It was taxation that then
primarily discouraged Philippine fund managers and trustees from adopting
the foreign version of the real estate investment trust (REIT) into their
line up of investment products. And it is taxation that now, under R.A. No.
9856, will principally determine whether investors will consider the REIT as
an attractive placement of their funds.
The general rule is found
in Section 16. Unless otherwise provided under the REIT law, the national
internal revenue taxes found in the National Internal Revenue Code of 1997
(“Tax Code”), as amended will apply. The key therefore is how strongly the
REIT law’s tax incentives, which improve on the taxation under the Tax Code,
can induce investors to put some of their money in the new vehicle.
Click
for Complete Article
|
|
| |
Protection of the REIT
Investor
For
the target market to even be willing to try the new mode of owning real
estate being introduced by the Real Estate Investment Trust (REIT) Act of
2009, it was essential to have in place adequate provisions protecting the
investor and safeguarding his interest from others’ greed. R.A. No. 9856
and SEC’s implementing regulations did not disappoint.
Independence is a principal
requirement of the major pillars of an REIT’s operations. Making explicit
what is implied in their respective definitions in the law, the IRR provides
that the Fund Manager, the Property Manager, and the Property Valuer are to
be “independent of the REIT, its promoters or sponsors.”
Click
for Complete Article
|
|
|
|
|

speech
of Atty. Ricardo J. Romulo

Directory of Members of the Trust Officers
Association of the Philippines- 2008
The
Living Trust is Alive and Well
powerpoint
presentation
 |
|
|
|
|
|
| |
For
the full text of articles that appeared at the trust guru's column in
TODAY,
click on TRUST AND ESTATES |
|
|
For
the full text of articles that appeared at the trust guru's column in THE MANILA METEOR,
click on geronimo@tax |
|
|
|
|
|
|
|
|
"Excoriating BSP officials for not preventing the misuse of
the banking system is pointless, unless Congress passes the necessary legislation
empowering BSP to enact and enforce the relevant regulations," says Atty. Ricardo J.
Romulo, Chairman of the Makati Business Club, before the Rotary Club of Manila during its
regular meeting on 22 February 2001. Reflecting on his brief but stressful
experience as Chairman of the Board of Equitable PCI Bank from December 19, 2000 to
January 31, 2001, Atty. Romulo observed that the shortcomings in the banking sytem in the
areas of governance, transparency and discipline are primarily the result of the demands
of the banking public. Thus, he maintained that in order to effect true banking
reform, those who avail themselves of banking services must be prepared to give up
some of the "creature comforts" customarily extended the banks to its
favored clients. The full text of his address is found in News and Views. |
|
|
|
|
|
|
|
|
|
|
|
Mission |
|
To serve as a hub where those who need and those who provide
professional trust and other fiduciary services, as well as those in related fields, may
avail themselves of reliable and recent information, exchange with one another views and
comments on current developments, engage in a common effort to upgrade the standards of
ethics and practice in the industry. |
|
|
|
|
|
|
|
Vision |
|
A world where trusts and other similar services are familiar
household amenities, where fiduciary duties and responsibilities are rendered and
availed of with highest standards of loyalty, prudence, and professionalism.
|
|
|
|
|
|
|