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, This news data comes from:http://aichuwei.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.
Go files housing development bill
- CFO office moves from Quezon City to Pasay
- MMDA inks deal with DBM for G-3 program
- Lacson: Torre 'acted beyond his authority'
- Ukraine's children start new school year in underground classrooms to avoid Russian bombs
- UN food agency chief says women and children are starving in Gaza and pressed Netanyahu on aid
- Tariffs, migration and cartels will top Rubio's talks in Mexico and Ecuador this week
- Putin lands in Tianjin for summit hosted by China
- President Marcos Jr. visits Cambodia to strengthen ties
- Tokyo protests to Beijing over gas field in East China Sea
- SSS rolls out historic pension reform program
