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.
Go files housing development bill
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, This news data comes from:http://gtws.771bg.com
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.
- Mexican drug lord faces life in prison after pleading guilty in US court
- Malacañang hits back at VP Duterte's criticism on flood scam probe
- SSS rolls out historic pension reform program
- Venezuela deploys warships, drones as US destroyers draw near
- PH’s newest warship arrives in Manila, joins BRP Jose Rizal, BRP Gabriela Silang
- Famed streetcar in Lisbon, Portugal, derails and crashes, killing 15 people
- Tensions soar in Indonesia as protests over police brutality and lawmakers' allowances continue
- PNP chief Torre relieved from post — Palace
- DBP to be honored at inaugural Manila Times Sustainability Awards
- Pakistanis no reprieve from floods yet
