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.
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.”, This news data comes from:http://lsi-cqyh-wa-mty.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.
- Supreme Court: It’s work as usual in judiciary
- PTFOMS and CHR sign agreement to improve Filipino media workers' safety
- Oil firms to raise fuel prices this week
- Earthquake kills 250, injures 500 in Afghanistan
- Co out of country for medical reasons
- House starts flood control probe
- Group presses DA on delayed fertilizer subsidies
- Philippines to launch shame campaign vs traffic violators
- Bishops demand broad probe into flood project corruption
- DMW: 19 distressed OFWs return home from Jeddah
