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://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.”
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.
- PH to see ‘blood moon’ Sept. 7-8
- Rains over Metro Manila, parts of PH as LPA may develop into 'short-lived' tropical depression
- Aggressive promos in unregulated online gambling platforms draw Filipinos — study
- Bishops demand broad probe into flood project corruption
- Vico Sotto could challenge VP Sara in 2028 race – survey
- Putin meets Kim, praises North Korean troops in Russia
- Maduro calls for dialogue hours after Trump’s threat
- 102-year-old becomes oldest person to summit Mount Fuji
- Peru’s ex-president Toledo gets a second sentence in the Odebrecht corruption scandal
- Metro Manila disaster agencies expand response areas in preparation for 'Big One'
