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.
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., This news data comes from:http://www.771bg.com
- Workers urge Marcos to stop corruption by banning political dynasties
- PH, Japan conduct search and rescue exercises
- Leviste files charges against DPWH engineer who tried to bribe him
- Marcos orders full budget review for DPWH amid ghost projects scandal
- Inflation up 1.5% in August
- Japan prince comes of age as succession crisis looms
- Philippines presses call for ceasefire in Gaza
- Surfacing of WPS features ‘likely’ natural occurrence, not due to dumped crushed corals
- House starts flood control probe
- Dial 911: New nationwide emergency hotline to go live on Sept. 11
