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., This news data comes from:http://705-888.com
Go files housing development bill
- Transport chief pushes shame campaign vs errant motorists
- Chinese warships shadow Philippine, Australian, Canadian drills in Zambales
- Malabon City honors partners
- Pope Leo XIV to Israeli president: 2-state solution needed to end Gaza war
- Oil firms to raise fuel prices this week
- Lacson lauds Leviste for arrest of DPWH engineer who offered P360M bribe
- Quezon City hails directive for national projects to get local permits
- Trump moves to cut more foreign aid, risking shutdown
- Argentine police recover Nazi-looted painting spotted in property ad
- Marcos names acting Ombudsman
