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://cbwmjp.erlvyiwan.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.
- Israel warns Hamas to surrender or face 'annihilation'
- Anti-fake news bill filed anew in House
- Comelec probes 15 contractors for illegal campaign donations
- Pope demands end to 'collective punishment' and forced displacement of Palestinians in Gaza
- 175th birth anniversary of Marcelo H. Del Pilar commemorated in Manila
- DPWH Secretary Dizon orders perpetual ban of Wawao Builders, Syms Construction for ghost projects
- Trump health misinformation swirls despite denial
- Marcos names acting Ombudsman
- Ukraine says Russia linked to lawmaker's killing
- North Korean leader inspects new missile factory ahead of visit to China
