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://www.771bg.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.”
Go files housing development bill
”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.
- Diokno urges Philippines to rejoin ICC to counter China's aggression
- BuCor chief calls for major reforms
- Classes suspended in 10 Metro Manila cities due to rains
- Undersea cables cut in the Red Sea, disrupting internet access in Asia and the Mideast
- Trump moves to limit US stays of students, journalists
- Trump rebrands Department of Defense as 'Department of War'
- House starts flood control probe
- South Korea to ban mobile phones in school classrooms
- Surfacing of WPS features ‘likely’ natural occurrence, not due to dumped crushed corals
- COA probes Iqbal on spending of P1.7B in one day
