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.
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.”, This news data comes from:http://sm.gyglfs.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.
- Magnitude 5.1 earthquake rattles Surigao del Sur
- Gloria Arroyo files bill to empower Office of the Vice President
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- Trump plans a hefty tax on imported drugs, risking higher prices and shortages
- New DPWH chief Dizon: "A department can't investigate itself"
- India to cut taxes on hundreds of consumer goods to boost local demand following steep US tariffs
- Berlin urges Israel to 'immediately' improve humanitarian conditions in Gaza
- Kris Aquino is alive, says friend amid reports of death
- Gasoline, diesel price hikes seen next week
- House bill seeks to regulate AI use
