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://www.redcanaco.com
- Marcos signs law giving 99-year land lease to foreign investors
- Japanese climber, 102, sets Mount Fuji record
- Former Bulacan district engineer admits going to casinos
- DOST, SM Supermalls partner to empower businesses with sustainable practices
- DPWH chief rejects calls to resign as he vows to probe corruption in flood control projects
- South Korean prosecutors indict Yoon's wife, former PM
- VP Sara lauds Filipino heroes
- India will not 'bow down,' trade minister says after US tariffs
- AFP: It would take more than a tugboat to tow BRP Sierra Madre from Ayungin Shoal
- DPWH Secretary Dizon orders perpetual ban of Wawao Builders, Syms Construction for ghost projects
