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, This news data comes from:http://tjfs.erlvyiwan.com
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.
- Mexican drug lord faces life in prison after pleading guilty in US court
- Rep. Tiangco reveals P17B flood control allocations linked to former appropriations chairman Rep. Zaldy Co
- New Zealand to allow some wealthy foreign investors onto property market
- PH Navy spots 20 Chinese ships near BRP Sierra Madre
- PTFOMS and CHR sign agreement to improve Filipino media workers' safety
- DPWH opens foreign-assisted projects to LGUs
- Trump to blacklist countries for imprisoning Americans
- Protesters storm Discaya compound, Sotto calls for calm
- Quezon City hails directive for national projects to get local permits
- Iran says open to US nuclear talks, rejects missile curbs
