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The National Human Settlements Board is imposing a 4-percent cap — effectively P400 — on the increase in the rental price for residences that are being rented out for P10,000 and below this year.
The policy will benefit at least 2.72 million Filipinos, Department of Human Settlements and Urban Development Undersecretary Henry Yap said.
Only existing tenants paying P10,000 and below are covered by the rent control, Yap said in a televised briefing. He said the new rent control policy is a departure from previous years, where there were three tiers of limits on rent control, depending on the rental price.