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.”, This news data comes from:http://gyglfs.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.
Go files housing development bill
- Putin and Modi in China for summit hosted by Xi
- PH doesn't recognize Taiwan as sovereign state, stands by 'One China Policy' -- Foreign Affairs chief
- Philippines to launch shame campaign vs traffic violators
- One in four people lack access to safe drinking water – UN
- 15 companies vie for 'Sustainability Champions' award
- New Quezon City judge to oversee Dengvaxia vaccine cases, sets hearing
- Anti-fake news bill filed anew in House
- Tokyo protests to Beijing over gas field in East China Sea
- Humanoid robots showcase skills at Ancient Olympia. But they're on a long road to catch up to AI
- Sri Lanka ex-president Wickremesinghe hospitalized after arrest
