1

CHAPTER 1

INTRODUCTION

This chapter introduces the Problem and Its Background and the research

questions in the Statement of the Problem section. It also includes discussions on the

Hypothesis, Significance of the Study, Scope and Delimitation, and the Operational

Definition of Terms.

The Problem and Its Background

"Make your money work for you" is a principle that Robert Kiyosaki and many

other investors promote (Munster, 2022). This involves investing in assets that will grow

(SBC, 2022). Sweta (2023), defines investing as allocating resources, generally money,

to make a profit. It includes buying assets intended to appreciate or create income from

interest, dividends, or rent, which aim to achieve financial security and growth.

Moreover, "even if money does not grow on trees, it can grow when you save and invest

wisely," and that is why intelligent investment choices are essential when investing (U.S.

Securities and Exchange Commission, n.d.a). In addition, investing increases wealth

over time, protects against inflation, and helps save for retirement, college, and even

other long-term financial goals (Blume, 2021).

Additionally, every reasonable investor wants to maximize investment returns

and reduce investment risk (Leković, 2018). However, investing is risky and requires

investigation and expert counsel before making financial decisions (Consumer Financial

Protection Bureau, n.d.). Due to uncertainty and potential future risk, Bhutto et al. (2020)

recommend the diversification of investment strategy for modern investors because

diversifying their holdings rather than concentrating their investments in a single type of

security reduces risk and generates higher returns compared to other investment

strategies (Bhutto et al., 2020). They also mentioned that investing in equities, bonds,

real estate, and other asset types diversifies. It also needs to choose assets with varying
 2

risks and locations. Droms (n.d.) calls this mix of investments "asset allocation,” which is

the first and most essential decision. He also argued that gold and real estate hedge

against hyperinflation best when diversifying holdings. He and several financial experts

stressed that real estate provides higher long-term returns than gold. However, it is also

important to note that diversification benefits increase with decreased correlation. This

means diversification works better, and portfolio risk is reduced when assets are less

correlated (Welu, 2021).

Also, investing can come in many forms, such as stocks, bonds, mutual funds,

commodities, or derivatives (Texas State Auditor’s Office, 2016). Stocks, also called

equities, indicate company ownership and are the most common and straightforward

investment (Welu, 2021). Bonds, on the other hand, are loans to a government,

municipality, or corporation. While mutual funds and index funds produce a pool of

money from many investors and invest the funds in numerous firms, commodities or

derivatives, on the other hand, stipulate a future asset sale price, and investors that buy

derivatives are wagering that the value will not drop (Money Helper, n.d.).

Moreover, those willing to take the necessary risks can make much money by

investing in stocks. Investors have the best chance of increasing money with stocks,

especially in the long run (U.S. Securities and Exchange Commission, n.d.b). Although

the stock market is riskier than real estate, Siegel (n.d.) argued that it could also make

you more money. On the contrary, real estate investment has been and will continue to

be a reliable investment tool throughout times of crisis. It offers protection. It generates

value over time. It is passed along from generation to generation. Admittedly, not

everyone has the financial means to participate in the real estate industry because of the

high cost of entry. Only people who can afford to invest vast sums tend to dominate it

(Pinnacle, n.d.).
 3

Fortunately, investors can now invest in real estate without owning it through a

new investment instrument, the Real Estate Investment Trusts (REITs). It owns and

manages revenue-generating properties, including malls, hotels, and office buildings,

and delivers rental income to stockholders as dividends. Compared to direct property

ownership, they provide real estate investments with lesser financial and management

needs. Apart from this, high dividend yields, liquidity, and diversity are REIT benefits

(Beltran, 2022). REITs were created in 1961 in the US as an alternative to direct real

estate investing. The initial legislative objective was that REITs would be inclusive and

allow all residents to profit from investing in high-quality commercial real estate without

actually buying commercial real estate. Legally, REITs must pay at least 90% of their

profits in dividends, making them a key source of income for investors. Thus, REITs

allow investors to include real estate in their portfolios and may pay greater dividend

rates (U.S. SEC, n.d.). However, the Philippine REIT sector has just started, even

though the law governing REITs was established over a decade ago. REITs were

established in the Philippines in 2009 but became popular in 2020 because of regulatory

improvements and investor demand (Sallan & Gemida, 2022).

So, despite the expanding number of REITs globally, there is still plenty of need

to study this relatively new security, especially in the Philippine REIT market (Sallan &

Gemida, 2022). Moreover, recognizing the scarcity of REIT research in developing

countries causes consumers to doubt these assets. Since the information comes from

well-established international REIT businesses, the perceptions and performance of

REITs from Asian and developing countries are speculative (Victor & Razali, 2019).

Notably, diversification is best achieved with less correlated assets. Moreover, since

data regarding the correlation between the Philippine REITs and the PSEi is not

available and related studies abroad are contradicting, this research is geared towards

addressing this knowledge gap.

 4

Statement of the Problem

Our study generally aims to identify the relationship and degree of correlation

between investments before deciding whether it is advisable to invest in REITs or stocks

because diversification works better, and portfolio risk is reduced when assets are less

correlated. Thus, we will determine the answers to the following research questions:

1. Is there a significant relationship between the average closing prices of the PSEi

and the average closing prices of the following REIT companies?

a) Ayala Land REIT (AREIT)

b) DoubleDragon Properties REIT (DDMPR)

c) Filinvest REIT (FILRT)

d) Robinsons Land Commercial REIT (RCR)

e) Megaworld REIT (MREIT)

2. How much of the variations in REITs are due to the price movement in PSEi for

the following companies?

a) Ayala Land REIT (AREIT)

b) DoubleDragon Properties REIT (DDMPR)

c) Filinvest REIT (FILRT)

d) Robinsons Land Commercial REIT (RCR)

e) Megaworld REIT (MREIT)

Hypotheses

H10: There is no significant relationship between the average closing prices of the PSEi

and the average closing prices of REIT companies.

H1a: There is a significant relationship between the average closing prices of the PSEi

and the average closing prices of REIT companies.

 5

H20: The price movement in PSEi does not significantly influence the variability of prices

in REITs.

H2a: The price movement in PSEi significantly influences the variability of prices in

REITs.

Significance of the Study

This research will contribute essential implications to investors and the larger

financial industry. Moreover, its purpose is to provide crucial information and knowledge

regarding the topic under study and its importance to the following individuals:

 Investment Managers. This research will give investment managers enough

information to understand market trends, different sectors' performance, and

each stock's performance. This information can be used to inform investment

strategies and asset allocation decisions. In addition, it can be essential for

achieving superior investment returns and meeting performance targets (Capital

Market Authority, n.d.).

 Investors. The investors will benefit from this study since they can diversify their

portfolios, reduce their exposure to market risks, and potentially achieve better

returns. Furthermore, investors may assess whether they are performing better

or worse than the market and change their investment strategies as appropriate.

They can use this information to identify stocks likely to perform well in a

particular market environment and avoid those likely to underperform (de Langhe

et al., 2016).

 Financial Advisers. Financial advisers can benefit from this study as it provides

essential insights into the behavior of the Philippine stock market, which can help

them provide practical investment advice and risk management strategies to their

clients. This information can also be used to develop investment strategies

tailored to their client’s specific needs and risk tolerance. Moreover, financial
 6

advisers can use the PSEI as a benchmark for evaluating the performance of

their client’s investment portfolios.

Scope and Delimitation

The variables considered in this study are the daily closing prices of the five

REITs, namely, AREIT, DDMPR, FILRT, RCR, and MREIT, and the Philippine Stock

Exchange index. More specifically, we will identify the relationship between these two

investments and, if so, the degree of correlation between the two. Aside from this, we

will only be analyzing a year’s worth of daily closing prices from the date the REIT

company became publicly listed and relate it to the corresponding date in the PSEi.

Operational Definition of Terms

To understand our study better, the following terms were extensively used in our

study and should be interpreted according to their operational definition given in this

section:

 Philippine Stock Exchange Index (PSEi). It is a stock market index that measures the

performance of the 30 largest companies, which were chosen for their ability to

represent the general movement of the Philippine stock market (Earnest, 2021).

However, in our study, we refer to a year-worth of prices of PSEi at the end of each

trading day from the start of the public listing of the following companies: AREIT,

DDMPR, FILRT, RCR, and MREIT, correspondingly.

 Real Estate Investment Trusts (REITs). REITs are companies that own, manage, or

finance real estate properties but our study pertains to the prices of AREIT, DDMPR,

FILRT, RCR, and MREIT at the end of each trading day since the start of their public

listing.
 7

CHAPTER 2

REVIEW OF RELATED LITERATURE

In this chapter, we present the literature and studies which serve as the

framework for the conceptualization of the research. This section cites different views,

ideas, options, discussions, and information related to the study that reflects the different

arguments relating to PSEi, REITs, and investment diversification. Furthermore, this

chapter also contains the Theoretical Framework, a Conceptual Framework, and a

Review of Related Literature Studies.

Theoretical Framework

The approach we present to address the research gap is known as modern

portfolio theory, which is an organizing principle of this study. However, a similar

concept, “Don’t put all your eggs in one basket,” is a famous and beneficial phrase that

predates current financial theories. Similar to this idea, a formal portfolio selection model

based on diversification principles was created by Harry Markowitz in 1952. Markowitz’s

theory states that “given a desired level of risk, an investor can optimize the expected

returns of a portfolio through diversification.” Investing in less correlated assets and

combining correlated assets with those that move in opposite directions of one another

accomplishes lowered risk for a given return. His approach is the first stage in portfolio

management: identifying the best portfolios. By diversifying, a portfolio's risk might be

less than the risk associated with any individual investment. This is done by investing in

less correlated assets and grouping correlated assets with those that move in opposite

directions to each another to reduce the risk for a given return. When correlation is

imperfect, diversification could be advantageous. The benefits of diversification rise with

decreasing correlation. Assets that are less connected with one another promote better

diversification and lower portfolio risk (Welu, 2021).

 8

Furthermore, Steiner and Alcock (2011) recognized that a correct knowledge of

the complex dependency structures in the returns generated by listed real estate

securities is beneficial to investors since it permits the evaluation of the advantages of

diversification and the design of appropriate portfolio optimization strategies. They also

emphasized that a well-diversified portfolio will safeguard investor wealth during

downturn markets and that the advantages of diversification are often a powerful

argument for including real estate in a mixed-asset portfolio.

Considering the information above, REITs precede other types of assets since

they offer the following advantages: First, by combining the funds of several small

investors, they may lend substantial sums to large borrowers. Second, the ability to lend

to several borrowers also allows intermediaries to significantly diversify their risk profile,

allowing them to take loans that individually could be risky. Third, through undertaking

numerous businesses, intermediaries develop competence and expertise. A single

person attempting to lend or borrow directly would possess significantly less specific

expertise regarding planning and carrying out the transaction with another party.

Investment companies allow investors to hold fractional interests in several different

securities through the funds they have accumulated (Gumbs, 2001).

To put it simply, modern portfolio theory focuses on the techniques and

implications of efficient diversification, and we devote considerable attention to the

relationship of REITs and PSEi in relation to diversification on portfolio risk as well as its

implications to efficient diversification (Bodie et al., 2014).

Review of Related Literature and Studies

Related studies on REITs supports that stocks and REITs can be included in a

diversified portfolio. However, there are also some studies that signified poor

performance of REITs while others found REITs to be a more attractive investment since

its performance exceeds stock indexes. However, we also need to consider that the
 9

connection between stocks and REITs changes over time and is affected by economic

situations (La & Mei, 2015).

Brounen et al. (2013) and Ling et al. (2016) study of stocks and REITs found that

there is a substantial positive association between stock market returns and REIT

performance, suggesting that a diversified portfolio should include both forms of

investment. In Hong Kong, Singapore, and Japan, Sallan and Gemida (2022) also found

that comparable REITs exceeded stock indices. However, REITs have also received

poor investor reviews and performed poorly in South Korea. Similarly, Soo-Wah and

Johari (2014) found that Malaysian REITs have lower returns than stocks. To add, Yong

(2013) analyzed Australian REITs and commercial assets in Australian real estate

markets and identified that REITs behaved more like direct property investments than

bonds and shares, according to correlation analyses. Furthermore, the establishment of

timber real estate investment trusts (REITs) in the U.S. and the link between historical

timber REIT stock prices and the S&P 500 index have also been studied. Cointegration

analysis was used in their investigation. According to the report, most wood REITs have

long-term diversification potential (Baral & Mei, 2022).

In the Philippines, we only found one study by Sallan and Gemida (2022) entitled

“Performance Analysis of a Philippine REIT and Its Optimal Allocation in a Mixed-asset

Portfolio”. In this study, they analyzed the daily closing quotes of AREIT, the Philippine

Stock Exchange index, sectoral indices, the S&P Philippine bond index, and monthly

Philippine treasury bill from August 2020–April 2021, and their results indicated that

REITs have higher returns and lower risk compared to other assets and they also

mentioned that the variables considered in their study had low to negative correlations,

which means that Philippines REITs also increase returns and mitigates risks. However,

the study is only focused on one REIT company—AREIT (Sallan & Gemida, 2022).
 10

Synthesis

In brief, the performance of REITs compared to stocks isn’t established,

especially in Asian countries, where REIT companies are emerging. In addition, the

majority of the studies held the view that both stocks and REITs can be included in a

diversified portfolio. However, it is also important to consider La and Mei (2015) finding

that the connection between stocks and REITs changes over time and is affected by

economic situations.

Conceptual Framework

The Philippine Stock Exchange Index (PSEi) is a stock market index that

measures the performance of the 30 largest companies, which were chosen for their

ability to represent the general movement of the Philippine stock market. It is used for

the country's economy and the financial health of its leading companies. Also, the PSEi

is reviewed on a semi-annual basis, and sometimes companies are removed from or

added to the index. The PSEi is calculated based on the closing prices of each

company's shares and is weighted based on their market capitalization. This means that

larger companies have a greater impact on the index than smaller companies (Earnest,

2021). Moreover, PSEi is closely monitored by investors, economists, and government

policymakers as an indicator of the country's economic health. When the PSEi rises, it

indicates that the Philippine economy is performing well and the companies listed on the

exchange are gaining value. When the PSEi falls, it suggests that the Philippine

economy is performing poorly, and the listed companies are losing value (Ho &

Odhiambo, 2016).

Overall, the PSEi is a useful tool for tracking the performance of the Philippine

economy and the country's leading companies. It provides a valuable measure of the

economic health of the Philippines and can help investors make informed decisions
 11

about their investments. This data can also allow policymakers to track trends and

identify potential areas for improvement, leading to better health outcomes across the

country (Balaba, 2017).

REITs, on the other hand, are companies that own, manage, or finance real

estate properties that are profitable. REITs pool the capital of numerous investors,

similar to mutual funds. In a typical real estate investment, an investor would have to buy

an expensive property, take care of the acquisition costs, taxes, repairs, and

maintenance, manage tenants, and pay the mortgage if the property was bought using a

bank loan or any other form of financing. However, investing in a REIT eliminates all

those variables because, after purchasing the stocks, the investor is left with nothing to

do but wait for the yearly dividend payment because a team of experts will manage the

real estate assets (Pinnacle, n.d.).

Apart from this, REITs are mandated to annually distribute at least 90% of their

taxable income to shareholders as dividends, making REITs a desirable investment

option for those seeking a reliable income stream. Legally, REITs are required to

allocate 75% of their assets to real estate-related investments, including mortgages and

commercial and residential real estate. They also provide liquidity because REIT shares

can be bought and sold on stock exchanges. Overall, REITs offer a convenient and

accessible way for investors to participate in the real estate market and earn passive

income from rental properties (SEC, 2020).

Research Paradigm

Figure 1 illustrates the research paradigm, which presents the variables that were

considered in our study.

Figure 1

The Relationship of PSEi and REITs

Average Closing Quotes of Average Closing Quotes of

the Philippine Stock the Real Estate Investment
Exchange Index Trusts

(Independent Variable) (Dependent Variable)

 12

In the research, we will identify how the average closing prices of REITs relate to

the corresponding average closing prices of the PSEi. This hypothesized correlation is

represented by the arrow going toward the dependent variable from the independent

variables.
 13

CHAPTER 3

RESEARCH METHODOLOGY

In this chapter, the research design, environment, population, data gathering

procedures, and analysis of the data are presented. Each topic is discussed briefly.

Research Design

The researchers utilized the descriptive-correlational research design. It is a

research design that examines how two or more factors are related without the

researcher changing the variables. Correlations can be positive, negative, or even not

exist at all. More specifically, correlation coefficients are used to measure the size and

direction of the link between two variables (University of Minnesota, 2016).

Research Locale

We analayzed the emerging REIT companies in the Philippines. The Philippines

is an excellent place to invest in real estate, especially given how profitable and booming

the real estate industry is. Furthermore, real estate investments are a great strategy to

increase wealth due to the nation's strong economy and ongoing growth.

Population and Sampling

The target population for this research is defined to include the REIT-listed

companies in the Philippines; the accessible population is comprised of five companies:

Ayala Land REIT (AREIT), DoubleDragon Properties REIT (DDMPR), Filinvest REIT

(FILRT), Robinsons Land Commercial REIT (RCR), and Megaworld REIT (MREIT).

Purposive sampling was utilized in this study, and subjects were chosen based

on the year they were publicly listed since we needed a year’s worth of data. Because of

this, we were able to select five REIT companies listed above that are feasible for our

study, more specifically companies that became publicly listed on 2020 and 2021.

Purposive sampling was utilized since it allows for a better match between the sample
 14

and the research's goals, boosting the study's quality and the reliability of the data and

findings.

Instrumentation

The tools with which researchers attempt to measure variables or items of

interest in the data-collection process are referred to as instruments (Columbia

University, n.d.). However, our research did not utilize an instrument because we took

and used secondary data.

Data Gathering Procedure

The steps we undertake to gather relevant data are from reliable websites,

specifically Wall Street Journal. Wall Street Journal is an American business-focused

international daily newspaper based in New York City. It is the definitive source of news

and information through the lens of business, finance, economics, and money, global

forces that shape the world and are crucial to understanding it. In addition, it had the

reputation of being accurate over the last many decades. More specifically, we collected

the daily closing prices of the five REIT companies from the start of public listing and the

closing prices of the PSEi during the same period and analyzed them in order to identify

the relationship between the two variables.

Ethical Consideration

In research, ethical considerations are a set of principles that guide your

research designs and practices. When collecting data from people, researchers must

always follow a set of rules. Moreover, these considerations help to protect research

participants' rights, promote valid research, and maintain integrity (Business Research

Methodolgy, n.d.). However, our study will rely on secondary data. As a result, no ethical

considerations will be used or stated in this research.

 15

Analysis of the Data

To statistically treat the data, we used Excel data analysis tools to find the

relationship between the daily closing prices of PSEi and the respective daily closing

prices of REITs. More specifically, we used correlation analysis to understand better if

there is a relationship between the selected variables (Kiernan, 2014). Additionally, we

used regression analysis to identify the variation in one variable based on another

variable (Mindrila & Balentyne, n.d.). Through this, we were able to evaluate if there is a

strong relationship between the daily closing prices of PSEi and the respective closing

prices of REITs.
 16

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