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., This news data comes from:http://www.771bg.com
Go files housing development bill
- South Korea's Lee faces pivotal test at first summit with Trump
- 'Large shark' kills man off Sydney beach
- Israeli strikes in Yemen's capital kill six, Houthis say
- Mayor Sotto slams Discayas, cites lies, ghost firms, and kickback allegations
- Comelec probes 15 contractors for illegal campaign donations
- Hontiveros pushes P15,000 salary hike for teachers
- Marcos sacks PNP Chief Torre, saying it was 'difficult but necessary'
- SSS hails Marcos, Recto for initiating pension reforms, including one to be rolled out in Sept
- DOJ indicts Abra Mining for fraudulent trading
- Marcos signs laws declaring holidays across PH
