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, This news data comes from:http://puvekas.gyglfs.com
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.
- MPD announces road closures for Bar exams
- CFO moves office from QC to Pasay
- Drug war whistleblower Royina Garma returns to PH after US detention
- SC clarifies rules on land ownership
- Protesters storm Discaya compound, Sotto calls for calm
- House suspends DPWH budget deliberations pending submission of changes by agency, DBM
- Thai court to rule on PM's fate after Hun Sen call leak
- Construction managers, developers back Housing chief's anti-corruption advocacy
- Marcos lauds Alex Eala’s win in Guadalajara
- Bishops demand broad probe into flood project corruption
