This document is based on rethinking institutional reforms in the Philippine housing sector. Why have housing reforms failed to achieve the desired improvements in housing in the Philippines? A review of trends in government housing strategies shows that while many problems in housing are linked to institutional barriers in the land and financial markets, government reforms focused on operational and program specific issues. While these reforms may be needed, they can only be effective if basic institutional issues are first addressed.  A review of trends in government housing strategies shows that while many problems in housing are linked to institutional barriers in the land and financial markets, government reforms focused on operational and program specific issues. While these reforms may be needed, they can only be effective if basic institutional issues are first addressed. The paper suggests that the efficient functioning of the land and financial markets is a necessary condition for the efficient functioning of the housing market. This requires government to undertake major reforms in land regulations and land administration infrastructure including the implementation of an effective real property tax system.