SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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://bnnb.gyglfs.com
- Vietnam evacuates thousands ahead of Typhoon Kajiki
- ‘40% of Filipinos obese’
- DMW, pharmaceutical firm sign agreement to boost access to medicines, hospital services for OFWs, families
- MMDA readies for FIVB men’s volleyball
- ‘Lannie’ will bring rain showers, thunderstorms over North Luzon —Pagasa
- Appointments panel holds first session
- ChatGPT to get parental controls after teen's death
- Typhoon death toll rises in Vietnam as downed trees hamper rescuers
- Afghanistan earthquake kills more than 800
- Govt monitoring Chinese ‘sleeper agents’ in PH
