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://oxtfsx.gyglfs.com
Go files housing development bill
- Trump health misinformation swirls despite denial
- Vico Sotto's viral post sparks ethics debate, elicits response from journalists
- ‘Large shark’ kills man off Sydney beach
- US warship heading toward Caribbean Sea
- Malabon shifts garbage disposal to Rizal landfill after Navotas closure
- Comelec defers BARMM district reconstitution
- House suspends DPWH budget deliberations pending submission of changes by agency, DBM
- Heavy rains flood parts of Metro Manila anew
- IBP forms committee on good governance to probe corruption
- North Korean leader inspects new missile factory ahead of visit to China
