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://www.redcanaco.com
”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
- Typhoon death toll rises in Vietnam as downed trees hamper rescuers
- Marcos signs laws declaring holidays across PH
- DICT grants amnesty to unregistered delivery firms
- Shooting of Indonesian diplomat in Peru investigated as a contract killing
- Chinese sleeper agents' and PLA operatives a threat, Lacson warns
- Obese surpass undernourished youths for first time, UN warns
- Pag-IBIG: More than 25k register for socialized housing units under Expanded 4PH
- PH, Cambodia business execs urged to boost partnership
- Bolsonaro verdict looms as Brazil coup trial closes
- Putin threatens to target Western troops in Ukraine
