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.”
Go files housing development bill, This news data comes from:http://www.ycyzqzxyh.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.
- Putin meets Kim, praises North Korean troops in Russia
- Guyana votes amid oil boom, Venezuela tensions
- Tax bureau hunts down contractors over questionable flood control deals
- 13 massage therapists robbed, 2 cry rape
- Vatican puts Pope Francis' ecological preaching into practice with vocational farm center
- DPWH engineer denies role in Bulacan flood control ‘ghost projects’
- Marcos lauds Filipinos for role in nation building on National Heroes Day
- Appointments panel holds first session
- AKG chief denies using ‘kidnap’ car for personal purposes
- Scramble for survivors as Afghan earthquake death toll passes 1,400
