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.
Go files housing development bill, This news data comes from:http://iy.705-888.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.
- New Zealand to allow some wealthy foreign investors onto property market
- Diokno urges Philippines to rejoin ICC to counter China's aggression
- Marcos soon to create commission to probe flood control projects
- Trump plans a hefty tax on imported drugs, risking higher prices and shortages
- PNP chief Torre relieved, Nartatez to take over
- Discaya’s construction companies competed against each other during biddings
- Mexican senators come to blows after heated debate
- Duterte Youth brings Comelec cancelation battle to Supreme Court
- Sen. Go files bills to push health, social, and labor reforms
- PH Army showcases disaster response capabilities before Thai defense officials
