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.”
”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, This news data comes from:http://qxcjwecr.erlvyiwan.com
- Indonesia hosts annual US-led combat drills with Indo-Pacific allies
- SEARCH WARRANT
- Modi: India, Japan to 'shape the Asian century'
- Thai cannabis-championing tycoon takes office as PM
- LGBTQ+ Catholics make Holy Year pilgrimage to Rome and celebrate a new sense of acceptance
- Israel expects 1 million Gazans to flee new offensive
- Former president Duterte's health stable despite high blood sugar, says VP Sara
- 4 policemen linked to sabungero case slapped with more administrative cases
- Marcos signs mining tax regime law
- PH has chance of getting UNSC seat - Manalo
