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., This news data comes from:http://771bg.com
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
- Marcos soon to create commission to probe flood control projects
- In Taiwan, competing narratives over the meaning of China's massive military show
- 'Large shark' kills man off Sydney beach
- Indonesia's delayed new capital risks 'white elephant' status
- Malacañang hits back at VP Duterte's criticism on flood scam probe
- Discaya says her family owns nine companies
- Aftershocks rumble quake-hit Afghanistan as death toll tops 1,400
- US church shooter 'obsessed with idea of killing children'
- Sotto to Lead Senate again as majority votes to oust Escudero
- PTFOMS and CHR sign agreement to improve Filipino media workers' safety
