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.
Go files housing development bill
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.”
Go files housing development bill, This news data comes from:http://tv.705-888.com
”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.
- Sen. Go calls for round-the-clock DFA support for OFWs welfare
- Philippines to work more closely with US amid regional challenges
- MPD announces road closures for Bar exams
- Filipino member of AHOF K-pop group says Manila concert a dream come true
- Veteran Thai politician Anutin Charnvirakul wins vote in Parliament to become next prime minister
- Protesters storm Discaya compound, Sotto calls for calm
- Sri Lanka ex-president Wickremesinghe hospitalized after arrest
- Indonesia hosts annual US-led combat drills with Indo-Pacific allies
- San Juan commemorates first revolution under Spanish rule in 129th Araw ng Pinaglabanan
- Israeli forces seize nearly 0,000 in West Bank raid
