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://www.erlvyiwan.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.
- Nepali court: Hindu holy men's nudity not obscene
- Comelec completes ballot printing for Bangsamoro elections despite redistricting dispute
- Ukraine's children start new school year in underground classrooms to avoid Russian bombs
- Need a pee? Japan has QR code for that
- Red Cross head says mass evacuation of Gaza City 'impossible'
- LPA over West PH Sea develops into tropical depression, now called ‘Jacinto’ -- Pagasa
- Marcos approves EO for commission to probe flood project anomalies
- Judge reverses Trump administration's cuts of billions of dollars to Harvard University
- 25,000 Filipinos register for Pag-IBIG's Expanded 4PH Housing Program
- Napolcom welcomes Nartatez’s move to recall Torre’s reassignments
