By CHINO S. LEYCO The Philippine Chamber of Agriculture and Food, Inc. (PCAFI) is fearing that the real estate investment trust (REIT) could leave more farmers jobless due to the threat of massive buyout of farmland. In a statement, Danilo V. Fausto. PCAFI president said that the revised implementing rules of REIT Act of 2009, despite being envisioned to intensify economic development, could actually result in the destruction of agricultural lands. “The REIT is a mode of floating in the stock market shares of properties. The law is now reducing public ownership of a REIT to 33 percent ,” Fausto said. “Therefore all developers – Ayala, Megaworld, Vistaland, Robinson’s Land — everybody is now up to develop more lands,” he added. Fausto said the public should expect massive acquisition of land, possibly even including big farm lands, in Central Luzon following the implementation of REIT. “Where will they get the land? From farmers losing in rice,” Fausto warned, noting the rice tariffication act implemented last year “appears to be supporting REIT as it has rendered many rice Filipino farmers bankrupt.” The revised REIT IRR took effect last February 7. The law, as of 2011, was imposing upon REITs to offer shares to public a minimum of 40 percent of the outstanding capital stock for the first year. This minimum public ownership (MPO) should be raised to 67 percent within three years from listing. However, the high MPO discouraged land developers as they would barely have control over the venture with a measly 33 percent. But the revision now encourages massive real estate development. However, Fausto said this makes a despicable picture for farms. For this reason, he said that PCAFI is pressing government to offer a compromise by raising investments in farm development. Fausto said government should give agriculture a similar support since it is the backbone of the economy and is a source of raw materials for industrial development. Particularly, government should pour money into guarantee for farm production in order to encourage banks and investors to lend to agriculture, he said. “The government should also develop farm lands (along with real estate lands). You look at the housing sector. It receives ₱180 billion in guarantee. But how much is the guarantee for agriculture? Only P5 billion,” he said.