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
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation., This news data comes from:http://www.redcanaco.com
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.”
Go files housing development bill
”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.
- Escudero subpoenas 5 contractors, 3 DPWH executives to Senate probe
- Ukraine says Russia linked to lawmaker's killing
- Marikina City chief of police relieved
- Humanoid robots showcase skills at Ancient Olympia. But they're on a long road to catch up to AI
- Sen. Go files bills to push health, social, and labor reforms
- Japan PM Ishiba bounces back in polls after election debacle
- Australia expels Iran ambassador over antisemitic attacks
- 'God's Influencer' to become first millennial saint
- Most Filipinos distrust China, see it as biggest threat — OCTA survey
- PNP disputes China's crime advisory, says Philippines crime rate dropped
