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://gf-gyyi-jpcj-kw.jyxingfa.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.”
”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.
- France seized by fears of new political crisis
- Nartatez vows to be fair in making reassignments
- VP Sara lauds Filipino heroes
- DHSUD chief cites accomplishments
- Police officers face more charges in missing cockfight enthusiasts case
- 1 in 4 people lack access to safe drinking water — UN
- Over 800 killed as quake rocks Afghanistan
- Madagascar welcomes home skulls of Indigenous warriors taken by French colonial troops 128 years ago
- Sotto willing to testify in Senate probe of flood control anomalies if summoned
- Comelec defers reconstitution of BARMM parliamentary districts
