SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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.
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, This news data comes from:http://srpbog.jyxingfa.com
”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.
- Pagasa: Rainy Monday over Visayas, Luzon areas due to LPA, 'habagat'
- CFO office moves from Quezon City to Pasay
- Surfacing of WPS features ‘likely’ natural occurrence, not due to dumped crushed corals
- Trump health misinformation swirls despite denial
- Court orders Immigration to release of Global Ferronickel Chairman Joseph Sy
- Filipino member of AHOP K-pop group says Manila concert a dream come true
- Supreme Court urged to act on fake complaints
- Manila marks National Heroes Day with job fair
- Prime minister of Yemen's Houthi-run government killed in Israeli strike
- First millennial saint: Vatican to canonize 'God's Influencer' Carlo Acutis
