SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill, This news data comes from:http://py-fba-ay-wsrc.ycyzqzxyh.com
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.
- LPA east of Surigao del Sur may intensify into tropical depression
- Group presses DA on delayed fertilizer subsidies
- Thai opposition's kingmaking summit fails to back new PM
- Actress Angel Aquino victim of 'deepfake,' seeks prosecution of perpetrators of cyber pornography
- Passenger with fake Overseas Employment Certificate barred from leaving
- NATIONAL ARTIST'S HOMETOWN
- Islamic State claims deadly attack on Pakistan rally
- Marcos opens Hyundai's shipyard in PH
- ₱1.7M shabu seized in Taguig buy-bust
- Marcos sacks PNP Chief Torre, saying it was 'difficult but necessary'
