SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://www.redcanaco.com
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.
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.
Go files housing development bill
- Japan PM decides to quit as opponents seek leadership election: reports
- Metro Manila, rest of Luzon would be rainy due to ‘habagat’ —Pagasa
- SC acquits suspect in 2012 killing of Dutch aid worker over doubtful testimonies
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
- House party leaders want to return proposed 2026 budget to Executive
- PH, Australia commend ‘impressive’ joint sea drills
- Pag-IBIG Fund gives occupants 10% discount to legally buy acquired homes
- Harold Cabreros takes post as new OCD chief
- Zelenskyy seeks talks with Trump and European leaders on slow progress of peace efforts with Russia
- DoJ to begin preliminary investigation into missing cockfighting enthusiasts
