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
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., This news data comes from:http://www.erlvyiwan.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.
- US warship heading toward Caribbean Sea
- Russia hits seat of Ukraine government in war's biggest air attack
- Israel launches new spy satellite in 'message' to enemies
- Metro Manila disaster agencies expand response areas in preparation for 'Big One'
- Dial 911: New nationwide emergency hotline to go live on Sept. 11
- Majority of Filipinos unaware of vote buying in 2025 elections, OCTA survey shows
- Guyana votes amid oil boom, Venezuela tensions
- PH has chance of getting UNSC seat - Manalo
- Pagasa monitors LPA off Cavite, may still become tropical depression
- Some areas in Metro Manila, Bulacan to have brownouts due to maintenance work
