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://cdpoo.771bg.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.
- Undersea cables cut in the Red Sea, disrupting internet access in Asia and the Mideast
- First millennial saint: Vatican to canonize 'God's Influencer' Carlo Acutis
- PNP chief supports lowering age of discernment
- Comelec defers reconstitution of BARMM parliamentary districts
- Manila mayor warns against mobs, orders police to maintain peace and order
- 'Blood Moon' to rise during total lunar eclipse Sunday night
- Modi reaffirms India's support for Ukraine peace settlement during call with Zelenskyy
- IBP to form good governance panel
- CBCP president urges Israel to stop military operations in Gaza
- China criticizes Canadian, Australian warships transiting Taiwan Strait
