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.
Go files housing development bill, This news data comes from:http://lxehqcf.gyglfs.com
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
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.
Go files housing development bill
- Some areas in Metro Manila, Bulacan, Quezon to have power interruptions due to maintenance work
- PH eyes global partners in biggest railway project
- Comelec defers BARMM district reconstitution
- Need a pee? Japan has QR code for that
- Japanese climber, 102, sets Mount Fuji record
- Budget shortfall narrows in July
- Prime minister of Yemen's Houthi-run government killed in Israeli strike
- Marcos Jr. seeks 'fair, impartial' Ombudsman - Palace
- 20 people missing after deadly Indonesia protests
- Israel military says controls 40 percent of Gaza City
