Wednesday, July 15, 2009

PGMA signed Rent Control Act of 2009

A temporary break for Filipino families who are renting their home as the new law Republic Act No. 9653 or known as Rent Control Act of 2009 was signed by President Gloria Macapagal-Arroyo,.

It will impose a one-year moratorium on rent increases after that, it puts a cap on any increase to only seven percent until 2013.

All residential units in Metro Manila with a monthly rent not exceeding P10,000 and all units in urban cities with a monthly rent not exceeding P5,000 are covered in this new law.

Violators will be facing P25,000 to P50,000 fine, or imprisonment of one month and a day up to six months.

By the way, the owner cannot demand more than one-month advance rent and more than two-months deposit.

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