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.”, This news data comes from:http://vnjsj.redcanaco.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
- Filipino weightlifter Vanessa Sarno banned for 2 years for anti-doping violation
- Trump health misinformation swirls despite denial
- North Korean leader inspects new missile factory ahead of visit to China
- Follow the trucks: Why investors are looking south of Metro Manila
- Comelec to resume BARMM polls ballot printing Thursday
- DPWH engineer denies role in Bulacan flood control ‘ghost projects’
- Marcos to mark ‘Thrilla In Manila’ 50th anniversary
- 2,000 North Korean troops killed in Russia deployment: Seoul spy agency
- IBP forms committee on good governance to probe corruption
- Indonesia's delayed new capital risks 'white elephant' status
