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://vm-dr-tt-stv.gangzhifhm.com
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
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.
- DMW: 19 distressed OFWs return home from Jeddah
- PH economic losses hit 100B from corruption in flood control projects
- Police brutality fuels soaring tensions in Indonesia
- Marcos leads oath taking of new officers of League of Provinces of the Philippines
- Napoles guilty in another 'pork barrel' case, sentenced to 55 years in jail
- China's Xi holds talks with North Korea's Kim in Beijing
- Go Negosyo, CFO push migrant empowerment
- Filipino priest wins Ramon Magsaysay Award for activism against Duterte's drug war
- Heavy rain causes flooding, landslides and 8 deaths in Vietnam and Thailand
- LPA has big chance of intensifying into tropical cyclone to be named ‘Kiko’
