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.
Go files housing development bill, This news data comes from:http://fah-hnkn-okqu-qts.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.
- Motive probed for US shooting that killed two children, injured 17
- Unnamed skeletons? US museum at center of ethical debate
- Estrada, Villanueva tagged in House flood control mess, says 'SOP was 30%'
- Woman accused of murdering her children faces New Zealand trial
- Hope dwindles for survivors days after deadly Afghan quake
- Sotto allows detained Public Works engineer to attend House probe on flood control projects
- Filipino weightlifter Vanessa Sarno banned for 2 years for anti-doping violation
- Trump to blacklist countries for imprisoning Americans
- Malacañang calls plot to jail VP Duterte 'wild imagination'
- Duterte lawyer cites former president's failing health, urges return to PH after ICC postpones hearing
