SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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://052298.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.
- Napolcom confirms Lt. Gen. Nartatez as acting PNP chief
- House tackles P881B public works budget amid flood control anomalies
- South Africa's most vulnerable struggle to find HIV medication after US aid cuts
- SSS rolls out historic pension reform program
- Philippine experts urge harm reduction strategy for tobacco control
- Search for survivors after Afghan earthquake kills 800
- New DPWH chief Dizon: "A department can't investigate itself"
- Afghanistan earthquake kills more than 800
- Kneecap to play Paris concert in defiance of objections
- Xi says China 'unstoppable' in parade opening speech
