SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go said the measure aims to meet the country’s growing social housing demands, particularly among underprivileged and homeless citizens.
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
Go files housing development bill
The accompanying explanatory statement said the measure “allows local governments to levy a half-percent socialized housing tax on urban land values, with proceeds dedicated to socialized housing and public rental projects.”
”In addition, the bill introduces securitization mechanisms to raise more housing funds through bonds and securities exempted from usual taxes and registration requirements. Private developers will also be incentivized to participate in socialized and low-cost housing projects, with such participation counted toward compliance with balanced housing laws,” it added., This news data comes from:http://www.052298.com
- Philippine forces deliver supplies and personnel to disputed South China Sea shoal despite tensions
- New Quezon City judge to oversee Dengvaxia vaccine cases, sets hearing
- CFO moves office from QC to Pasay
- Four children killed by parents in Dominican Republic — police
- Sara says govt corruption probe a 'zarzuela,' plans to meet Robredo im Bicol festival
- 'Mockery of science': US experts blast Trump climate report
- Police officers face more charges in missing cockfight enthusiasts case
- Eala ousts Day, enters Guadalajara Open final
- President Marcos commits to boosting PH digital infrastructure
- More funding sought for sports commission
