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://ian-cgjx-kut-qnpr.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.
- Yemen's Huthis hold funeral for PM killed in Israeli strike
- Surfacing of WPS features ‘likely’ natural occurrence, not due to dumped crushed corals
- New judge to handle Dengvaxia cases named; hearing set
- Read to reduce sentence, Uzbekistan tells prisoners
- AboitizPower pushes growth with clean, renewable energy
- Pasig fire kills child, injures mother as she tries to save him
- Nartatez vows fair assignments, better resource management as new PNP chief
- International media protest over journalist deaths in Gaza
- Putin meets Kim, praises North Korean troops in Russia
- Dial 911: New nationwide emergency hotline to go live on Sept. 11
