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.”
”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://bn-xs-cn-qkly.771bg.com
- No winner in Ultra, Megalotto draws for Sept 5
- Hawaii's Kilauea volcano erupts with lava pouring out from multiple vents
- Repairs on Chinese ship in Bajo de Masinloc collision may take 2 months - PH Navy
- Leviste files charges against DPWH engineer who tried to bribe him
- LPA may still develop into short-lived tropical cyclone
- China is showing off its weaponry in a tightly controlled military parade
- House tackles P881B public works budget amid flood control anomalies
- Search for survivors after Afghan earthquake kills 800
- Seoul says over 300 South Koreans held in US battery plant site raid
- Malacañang hits back at VP Duterte's criticism on flood scam probe
