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.
Go files housing development bill
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
Go files housing development bill, This news data comes from:http://jsjmtcbs.erlvyiwan.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.
- Inoue says taunts 'missed the target' ahead of world title clash
- One in four people lack access to safe drinking water – UN
- 2 Marikina policemen accused of molestation
- Thai court to rule on PM's fate after Hun Sen call leak
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
- Iran-backed Houthis raid UN offices in Yemen and detain at least 11 employees
- Legarda pushes Magna Carta of Waste Workers
- Xi says China 'unstoppable' in parade opening speech
- Palestinian Embassy echoes PH appeal for ceasefire in Gaza
- Judge reverses Trump administration's cuts of billions of dollars to Harvard University
