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.”, This news data comes from:http://www.erlvyiwan.com
”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.
Go files housing development bill
- Palace suspends govt work, classes in several areas due to bad weather
- Sen. Pangilinan Advocates for Credit-Worthy Farmers to Boost Agriculture Sector
- Pump prices increase for 2nd straight week
- LGBTQ+ Catholics make Holy Year pilgrimage to Rome and celebrate a new sense of acceptance
- DPWH told to build evacuation centers
- No winner in Ultra, Megalotto draws for Sept 5
- Thai Court: PM Shinawatra violated ethics rules
- DPWH exec asked lawmaker to make budget insertions — Lacson
- Lacson lauds Leviste for arrest of DPWH engineer who offered P360M bribe
- Japanese volunteers to PH 'bedrock' of bilateral relations, says envoy
