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
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, This news data comes from:http://705-888.com
- Japan pledges continued support for Philippine development projects
- Supreme Court: It’s work as usual in judiciary
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
- Evicted from their forests, Kenyan hunter-gatherers fight for their rights
- Thai court dismisses prime minister over compromising phone call with Cambodian leader
- Marcos opens Hyundai's shipyard in PH
- Group: Register for free PhilHealth medicines
- Israel city honors Quezon’s wartime rescue of Jews
- DMW: 19 distressed OFWs return home from Jeddah
- Boy killed, mother injured in Pasig fire
