SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://npng.771bg.com
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
”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.
- Magnitude 5.1 earthquake rattles Surigao del Sur
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- Mandela grandson says he will join Gaza aid boat
- Ukraine offers to co-produce drones with Philippines for maritime patrols
- Heavy rains flood parts of Metro Manila anew
- House resumes budget briefings
- Makati earns high rating in anti-trafficking and violence assessment
- Marcos mum on Magalong joining independent commission for DPWH probe
- Unnamed skeletons? US museum at center of ethical debate
- Thai court to rule on PM's fate after Hun Sen call leak
