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.
Go files housing development bill
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.
Go files housing development bill, This news data comes from:http://www.771bg.com
- Discaya companies' licenses revoked for bid-rigging
- Housing secretary declares 'zero-tolerance' policy on corruption
- Guyana votes amid oil boom, Venezuela tensions
- Can a giant seawall save Indonesia's disappearing coast?
- Taiwan: China illegally deploying oil rigs in its waters
- Sen. Hontiveros pushes for Philippine Geriatric Center to aid seniors
- Motive probed for US shooting that killed two children, injured 17
- Pope Leo: We must listen first before speaking
- AboitizPower pushes growth with clean, renewable energy
- A summit and parade in China may signal a geopolitical shift
