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.
Go files housing development bill, This news data comes from:http://ujnbbdq.771bg.com
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
- Putin and Modi in China for summit hosted by Xi
- 175th birth anniversary of Marcelo H. Del Pilar commemorated in Manila
- House bill seeks to regulate AI use
- Navotas inks deal for school feeding project
- Marikina City chief of police relieved
- DBP launches P50M program for education
- Actress Angel Aquino victim of 'deepfake,' seeks prosecution of perpetrators of cyber pornography
- LPA affects Metro Manila, Mindanao, Visayas
- Shooting of Indonesian diplomat in Peru investigated as a contract killing
- Budget shortfall narrows in July
