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., This news data comes from:http://qykd-gx-runq-wecf.771bg.com
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
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.
- Duterte’s defense team outlines ICC strategy
- 'New' position being offered to Torre — Palace
- UK refuses to invite Israeli government officials to London arms fair over the war in Gaza
- Palestinian Embassy echoes PH appeal for ceasefire in Gaza
- Escudero says new lease law to make PH more appealing to investors
- PAL plane bound for Osaka returns to Manila due to 'emergency' situation
- PH Army showcases disaster response capabilities before Thai defense officials
- Marcos orders lifestyle check on all govt officials amid flood projects probe
- Bolsonaro verdict looms as Brazil coup trial closes
- PH, Australia, Canada hold maritime drills in West Philippine Sea
