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://771bg.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.
- Laws signed on holidays, court branches
- Puno seeks probe of anomalous projects ‘funders’
- President Marcos Jr. visits Cambodia to strengthen ties
- Konektadong Pinoy bill lapses into law
- SSS pension reform program starts in September
- 100K Pakistanis flee amid flood threat
- PH eyes global partners in biggest railway project
- Thailand set for vote on new PM after dissolution bid rejected
- LBC Express Holdings top executive to retire in Oct.
- Metro Manila disaster agencies expand response areas in preparation for 'Big One'
