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.
Go files housing development bill, This news data comes from:http://pe.redcanaco.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.
- LPA over West PH Sea develops into tropical depression, now called ‘Jacinto’ -- Pagasa
- Thousands protest in Indonesia as military deployed in capital
- Thailand set for vote on new PM after dissolution bid rejected
- US approves .5M in assistance to Nigeria to help address hunger
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
- Mayor Sotto slams Discayas, cites lies, ghost firms, and kickback allegations
- Putin threatens to target Western troops in Ukraine
- Marcos sacks PNP Chief Torre, saying it was 'difficult but necessary'
- Govt debt swells to record P17.58T
- President Marcos commits to boosting PH digital infrastructure
