INJAP SIA: DDMPR, A "PAMANA STOCK"

DoubleDragon chair, Edgar Injap Sia has cited the company's Real Estate Investment Trust (REIT) as a possible "pamana" stock even as he lamented why there were only 50,000 subscribers to the P14.7 billion IPO offering, that while considered a record, still is a small pie in the country's population.

In a disclosure today at the Philippine Stock Exchange, Sia said that while "although we were informed that this take-up is already a far record high, I still keep asking myself why, why only 50,000 when the Philippines has a population of over 100 million."

Also, he expressed optimism to " see at least in my lifetime, that the access to investing would become far wider and more inclusive than it is today. Because that is the only way in which the small guys will not just always be in a situation to just wait where the few would decide which direction the wind should blow, and then, just settle on tagging along at the back of that line. In the meantime, let us continue pushing our mission."

Sia also cited Finance Secretary Carlos Dominguez for pushing the REIT that took off after ten years of its passage into law due to tax issues that hounded it before.

Now, the dividends that the REIT are supposed to declare for its stockholders, mandated at 90 percent of earnings, are considered non-taxable.

Addressing shareholders, Sia said that their DDMP REIT Basket is what he calls the “Pamana Stock” being a stock that owns the prime freehold titled land and the grade A buildings that sit on it.

"While pamana is for the succeeding generations, you still get to enjoy the quarterly cash dividend benefits of your DDMPR investment as you temporarily hold it in behalf of your next generation."

He also said that based on DDMPR's regular cash dividend cycle, the next cash dividend is up for declaration in the next 3 weeks from today.

"Listing during a pandemic is definitely not a walk in the park, but we believe this is our share of also promoting a more inclusive economy, and that what we can achieve together now during these challenging, never-been-chartered territories, brought about by this pandemic, despite those challenges, your DDMPR team will still continue work hard to lift the company to greater heights while further solidifying its foundation year on year."

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