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.
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.”
Go files housing development bill, This news data comes from:http://kmjmpmfp.aichuwei.com
”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.
- Supreme Court censures Marikina judge over parking dispute with PAO lawyer
- 175th birth anniversary of Marcelo H. Del Pilar commemorated in Manila
- Japan pledges continued support for Philippine development projects
- Australia expels Iran ambassador over antisemitic attacks
- San Juan commemorates first revolution under Spanish rule in 129th Araw ng Pinaglabanan
- ‘Gomez ignorant of how media works’
- Head of main US health agency abruptly dismissed
- An AI simulation of a Mount Fuji eruption is being used to prepare Tokyo for the worst
- Manila marks National Heroes Day with job fair
- 'Blood Moon' to rise during total lunar eclipse Sunday night
