MANILA, Philippines -- The Rent Control Bill moved closer to becoming a law after the House of Representatives passed it on third reading late Tuesday.

House Bill 6098 or the proposed Rent Control Act of 2009 imposes a one-year moratorium on rent increase once the bill takes effect and puts a limit of not more than four percent on annual rent increases for the next three years.

It covers all residential units in the National Capital Region and other highly urbanized cities with rentals not exceeding P10,000 and all residential units in all other areas with rentals not exceeding P5,000.

After the four-year period, the measure gives authority to the Housing and Urban Development Coordinating Council (HUDCC) to regulate the rental of residential units and adjust the allowable limit on rental increases per year, which is not more than the average monthly inflation rate on rentals of the previous year as determined by the National Statistics Office.

The bill is authored by Speaker Prospero Nograles, Representatives Teodoro Casino and Satur Ocampo of Bayan Muna partylist, Luz Ilagan and Liza Maza of Gabriela, Rafael Mariano of Anakpawis partylist, Rodolfo Valencia of Oriental Mindoro, Edgardo Chatto of Bohol, Eufrocino Codilla Sr. of Leyte, Raul de Mar of Cebu City, Pablo Garcia of Cebu (2nd district), Eduardo Gullas of Cebu (1st district), Ramon Durano VI of Cebu (5th district), Pedro Romualdo of Camiguin, Glenn Chong of Biliran, Roman Romulo of Pasig, Neptali Gonzales of Mandaluyong, Del de Guzman of Marikina, Victor Agbayani of Pangasinan, and Rene Velarde of Buhay partylist.

The Rent Control Act, which expired in December 2008, was first extended in 2002, then in 2005.