The Philippine Stock Exchange (PSE) said it has cleared the initial public offering (IPO) of Ayala Land Inc.'s real estate investment trust (REIT), which serves as the first of its kind of the country.

"We are set to witness a milestone in the capital market with the first REIT IPO. We are excited over the prospects of the REIT sector now that we have a first mover in REIT listing," PSE President and Chief Executive Officer Ramon Monzon was quoted as saying.

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