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://rsobek.erlvyiwan.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.
- Seoul says over 300 South Koreans held in US battery plant site raid
- Recto: No exemption for US tech firms from digital tax
- Palestinian Embassy echoes PH appeal for ceasefire in Gaza
- China displays its weaponry in a tightly controlled military parade
- Lacson warns lawmakers may be complicit in ghost flood control projects
- Marcos signs laws creating more court branches
- ₱1.7M shabu seized in Taguig buy-bust
- Rubio says US warned France on Israel annexation moves
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- Chinese tourist city Sanya shuts down as typhoon intensifies
