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.
Go files housing development bill, This news data comes from:http://bjaj-totj-vjpu-vp.gyglfs.com
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.
- Legarda pushes Magna Carta of Waste Workers
- 'Ondoy'-level rains swamp Quezon City
- Ukraine eyes defense deal with PH that includes co-production of drones, says envoy
- DMW, pharmaceutical firm sign agreement to boost access to medicines, hospital services for OFWs, families
- Escudero subpoenas 5 contractors, 3 DPWH executives to Senate probe
- Tariffs, migration and cartels will top Rubio's talks in Mexico and Ecuador this week
- China 'elephant in the room' at fraught Pacific Islands summit
- Prime minister of Yemen's Houthi-run government killed in Israeli strike
- Lacson to give Dizon 'damning' proof vs DPWH 'rotten fruits'
- 17 House lawmakers press Marcos administration to raise WPS issue to UN
