QC council body OKs socialized housing tax

MANILA, Philippines - A Quezon City council committee unanimously approved Thursday a socialized housing tax ordinance that aims to fund the first ever socialized housing program for the poor in the city.

Authored by District 4 Councilor Edcel Lagman, the measure is likened to United States President Barack Obama’s tax reform initiative wherein the rich will be taxed more for the implementation of a local shelter plan in the next five years.

The council’s committee on laws and internal rules, which approved the ordinance, said the collection from socialized housing tax is expected to generate an annual revenue of P185 million, which will be put in a special account under the general fund of the city.

“No city or municipality has dared to implement this kind of policy even as Congress had already mandated the local government unit to implement such way back in 1992 by virtue of Republic Act 7279 or the Urban Development and Housing Act,” Lagman said.

Mayor Herbert Bautista welcomed the development, which he said would enable him to implement a genuine and comprehensive housing program for the city’s poor.