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.
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.”, This news data comes from:http://771bg.com
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.
Go files housing development bill
- Philippines to work more closely with US amid regional challenges
- DOST, SM Supermalls partner to empower businesses with sustainable practices
- Israel launches new spy satellite in 'message' to enemies
- Marcos inspects rock shed project in Benguet
- Konektadong Pinoy bill lapses into law
- DBP launches P50M program for education
- Discaya companies' licenses revoked for bid-rigging
- PH, Australia commend ‘impressive’ joint sea drills
- Escudero says new lease law to make PH more appealing to investors
- Lacson to govt: Protect education budget
