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://www.gyglfs.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.
- PNP disputes China's crime advisory, says Philippines crime rate dropped
- ‘Gomez ignorant of how media works’
- Diokno urges Philippines to rejoin ICC to counter China's aggression
- Choose Ombudsman with integrity, intelligence, insight – Cayetano
- 15 drug war victims cleared to join Duterte's ICC case
- IBP forms committee on good governance to probe corruption
- Thai court to rule on PM's fate after Hun Sen call leak
- Sara Duterte calls DPWH flood control Inquiry a 'Zarzuela'
- PH Navy spots 20 Chinese ships near BRP Sierra Madre
- Public Works chief to press criminal charges against Bulacan engineer
