SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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, This news data comes from:http://771bg.com
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.
- 'Strangest' dinosaur covered in spiked armory — Scientists
- Marcos wants subpoena power for body investigating flood projects
- Opponents of Japan PM seek leadership contest
- Go seeks more support for Filipino athletes
- Marcos signs mining tax regime law
- Japan pledges continued support for Philippine development projects
- Ukraine drone attacks spark fires at Russia's Kursk nuclear plant, Novatek's Ust-Luga terminal.
- Sen. Go calls for round-the-clock DFA support for OFWs welfare
- Escudero subpoenas 5 contractors, 3 DPWH executives to Senate probe
- 'Lannie' exits PH — Pagasa
