Extending the Rent Control Period for Certain Residential Units
Republic Act No. 8437, enacted on December 22, 1997, extends the rent control period for certain residential units in the Philippines from January 1, 1998, to December 31, 2001. During this four-year period, landlords are limited to increasing monthly rents by a maximum of 15% each year, based on the rental amount as of December 31, 1997. The increases are cumulative and compounded annually. The Act aims to stabilize rental rates and protect tenants from excessive rent hikes. It took effect following publication in major newspapers on January 10, 1998.
Law Information
- Reference Number
- Republic Act No. 8437
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 22, 1997
REPUBLIC ACT NO. 8437
AN ACT FURTHER EXTENDING THE RENT CONTROL PERIOD FOR CERTAIN RESIDENTIAL UNITS AMENDING THEREBY BATAS PAMBANSA BLG. 877 ENTITLED: "AN ACT PROVIDING FOR THE STABILIZATION AND REGULATION OF RENTALS OF CERTAIN RESIDENTIAL UNITS, AND FOR OTHER PURPOSES, AS AMENDED"
SECTION 1. Beginning January 1, 1998 and for a duration of four (4) years thereafter ending on December 31, 2001, monthly rentals of all residential units covered by Batas Pambansa Blg. 877, shall not be increased by the lessor by more than the rates herein provided for:
|
Period
|
Maximum Increase
|
| January 1, 1998 — December 31, 1998 | Fifteen percent (15%) |
| January 1, 1999 — December 31, 1999 | Fifteen percent (15%) |
| January 1, 2000 — December 31, 2000 | Fifteen percent (15%) |
| January 1, 2001 — December 31, 2001 | Fifteen percent (15%) |
Provided, That the basis for the maximum increase herein authorized for the four-year period shall be the actual monthly rental as of December 31, 1997: Provided, further, That the increase authorized herein shall be cumulative and compounded. cd
SECTION 2. This Act shall take effect on January 1, 1998, following its publication in at least two (2) newspapers of general circulation.
Approved: December 22, 1997
Published in Malaya and Manila Times on January 10, 1998. Published in the Official Gazette, Vol. 94 No. 23, 42 Supp., on June 8, 1998.
Cite This Law
Extending the Rent Control Period for Certain Residential Units, Republic Act No. 8437, Dec 22, 1997 (Philippines)
Extending the Rent Control Period for Certain Residential Units, Republic Act No. 8437 (Phil. 1997)
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