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.
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.
Go files housing development bill, This news data comes from:http://redcanaco.com
- Artikulo Onse' group calls for independent panel to probe flood control corruption
- Pope Leo: We must listen first before speaking
- DOJ issues lookout order vs Atong Ang, others over missing cockfighters
- Former PNP chief Torre III offered new government post
- Israel ups pressure on Gaza City as Trump talks post-war plan
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- Former president Duterte's health stable despite high blood sugar, says VP Sara
- Philippine forces deliver supplies and personnel to disputed South China Sea shoal despite tensions
- Comelec probes 15 govt contractors over 2022 election donations
- Tax bureau hunts down contractors over questionable flood control deals
