The Real Estate Investment Trust Act was passed in December 2009, but the lack of implementing rules have prevented the establishment of REIT companies. Thus investors have not been able to take advantage of this alternative investment.
We are now one step closer after government regulators came to a compromise:
I have not researched much on REITs, but I hope they become available soon. This will allow small investors to invest in the real property sector, which is dominated by large corporations and wealthy individuals.
Here are some primers on REITs:
PSE REIT Primer
KPMG.com REIT Primer