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://erlvyiwan.com
Go files housing development bill
- Chinese warships shadow Philippine, Australian, Canadian drills in Zambales
- More funding sought for sports commission
- Marcos Jr. seeks 'fair, impartial' Ombudsman - Palace
- Marcos orders lifestyle checks on all government officials amid flood control probe
- Japan govt seeks to triple spending on drones
- NKorea could produce ten to twenty nukes per year — SKorea leader
- Indonesia's delayed new capital risks 'white elephant' status
- Leviste files charges against DPWH engineer who tried to bribe him
- Hontiveros pushes P15,000 salary hike for teachers
- A suicide bombing near a political rally in southwestern Pakistan kills 13 and wounds 30
