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, This news data comes from:http://rpnohd.052298.com
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.
Go files housing development bill
- Taiwan: China illegally deploying oil rigs in our waters
- North Korean leader inspects new missile factory ahead of visit to China
- Malabon averts crisis with garbage deal
- DSWD program reduced hunger
- DSWD's guarantee letters now accepted in more establishments
- 100K Pakistanis flee amid flood threat
- Lawmaker linked to anomalous flood control projects in US for medical reasons, says House spokesman
- Former DPWH chief denies links to corruption
- Pag-IBIG: More than 25k register for socialized housing units under Expanded 4PH
- Bonoan freezes DPWH travel passes
