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.”
Go files housing development bill
”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.
Go files housing development bill, This news data comes from:http://www.yamato-syokunin.com
- Transport chief pushes shame campaign vs errant motorists
- Palace: Govt monitoring Chinese sleeper agents, PLA presence in PH
- Thai court dismisses prime minister over compromising phone call with Cambodian leader
- House probe tackles flood control corruption: Lawmakers disclose conflicts of interest
- UK refuses to invite Israeli government officials to London arms fair over the war in Gaza
- Marcos lauds Filipinos for role in nation building on National Heroes Day
- India's Modi meets Japan's Ishiba as he begins Asia tour
- Globe partners with unconnected.org to provide remote schools with sustainable internet connectivity
- Marcos suspends importation of regular, well-milled rice for 60 days
- House bill seeks to regulate AI use
