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., This news data comes from:http://kajy-vw-cy-wra.aichuwei.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.
Go files housing development bill
- 9 dead in Ecuador after bus plunges into ravine
- CBCP president urges Israel to stop military operations in Gaza
- PH Construction Board asked to address 'accreditation for sale' scandal
- Russia hits seat of Ukraine government in war's biggest air attack
- Lacson: DPWH exec sought ‘insertions’
- Widespread flooding in Quezon City due to heavy rains, stranding commuters, rendering most roads impassable to vehicles
- 1 in 4 people lack access to safe drinking water — UN
- Mob burns Nigerian woman to death over Islam blasphemy claim — police
- Bishops demand broad probe into flood project corruption
- House starts flood control probe
