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.”
Go files housing development bill, This news data comes from:http://www.705-888.com
”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.
- House probe tackles flood control corruption: Lawmakers disclose conflicts of interest
- Diokno urges Philippines to rejoin ICC to counter China's aggression
- Pagasa monitors LPA off Cavite, may still become tropical depression
- Cambodia MPs pass law allowing stripping of citizenship
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- Shooting of Indonesian diplomat in Peru investigated as a contract killing
- 175th birth anniversary of Marcelo H. Del Pilar commemorated in Manila
- Roxas matriarch, 91
- Israel launches new spy satellite in 'message' to enemies
- 2028 polls overseas voter registration opens in Dec
