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://gyglfs.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.
- President pushes probe on flood control mess amid congressional inquiry
- Two foreigners face trafficking complaint in Pasay City
- Pasig fire kills child, injures mother as she tries to save him
- IBP forms committee on good governance to probe corruption
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- Thousands protest in Indonesia as military deployed in capital
- Humanoid robots showcase skills at Ancient Olympia. But they're on a long road to catch up to AI
- France seized by fears of new political crisis
- Putin facing mounting pressure from the West
