We are about to rent a house in Cebu City for Php 5000 monthly. A contract has been shown to us and we have not signed it yet. However, it says on the contract that after one year upon renewing the contract, the rent increase will be 10% more.
According to the Republic Act (RA) No. 9653 - Rent Control Act of 2009 that has been extended until December 31, 2015, the annual increase should not exceed 7%, am I correct?
And we were also not informed if the 2 months deposit will be deposited to the bank and it's interest should be accrued or returned to us.
Can you please help clarify regarding my concern.