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., This news data comes from:http://052298.com
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.
- President Marcos commits to boosting PH digital infrastructure
- Government work, classes on Tuesday suspended due to bad weather
- Puno seeks probe of anomalous projects ‘funders’
- Motive probed for US shooting that killed two children, injured 17
- Trump withdraws Kamala Harris's Secret Service protection
- Pacifist Japan struggles to boost troops as China anxiety grows
- Japan PM decides to quit as opponents seek leadership election
- PH eyes global partners in biggest railway project
- Venezuela deploys warships, drones as US destroyers draw near
- Marcos Jr. seeks 'fair, impartial' Ombudsman - Palace
