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, This news data comes from:http://www.redcanaco.com
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.
- 20 people missing after deadly Indonesia protests
- Manila mayor warns against mobs, orders police to maintain peace and order
- Lacson: Torre 'acted beyond his authority'
- Woman accused of murdering her children faces New Zealand trial
- Marcos suspends importation of regular, well-milled rice for 60 days
- Remulla pledges transparency and impartiality as Ombudsman
- LPA may still develop into short-lived tropical cyclone
- Pagasa monitors 2 LPAs inside PAR; prevailing 'habagat' brings rain across PH
- ‘Gomez ignorant of how media works’
- The rot goes deep: Marcos decries decades-old corruption
