Recto: Let’s save on rent, study ‘rent-to-own’ scheme | Inquirer News

Recto: Let’s save on rent, study ‘rent-to-own’ scheme

By: - Reporter / @mj_uyINQ
/ 07:10 AM September 24, 2017


The government’s budget for rent and lease payments has surged by 33.8 percent from P13 billion this year to P17.4 billion next year, prompting Senate President Pro Tempore Ralph Recto to urge Malacañang to study “rent-to-own” options.

“There should be a plan in which chosen government offices can graduate from being renters to owners,” said Recto in a statement yesterday.


He noted that the amount earmarked for property and equipment rentals and leases for this year was already 55 percent higher than last year’s P8.4 billion allocation.

He said the national budget should also classify lease and rental payments into real estate and equipment in the spirit of transparency and accuracy.


“But what can’t be denied is that the government is one of the biggest property lessees today,” he pointed out.

“There are a lot of ‘forever tenants,’ [including] the Senate, which is renting a portion of the building of the Government Service Insurance System (GSIS),” he added.

The Senate has been renting a part of the GSIS Building in Pasay City for more than P100 million for 20 years since May 1997.

Like the Senate, Recto said many government agencies have stayed in the same buildings for a long time and if paid rentals are summed up, it would have been enough to finance the construction of their own buildings.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: 2018 national budget, Ralph Recto, rent-to-own options in government
For feedback, complaints, or inquiries, contact us.

News that matters

© Copyright 1997-2022 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.