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., This news data comes from:http://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.”
Go files housing development bill
”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.
- DSWD's guarantee letters now accepted in more establishments
- US appeals court finds Trump's global tariffs illegal
- House tackles P881B public works budget amid flood control anomalies
- Thousands protest in Indonesia as military deployed in capital
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- Manila mayor warns against mobs, orders police to maintain peace and order
- Rep. Tiangco reveals P17B flood control allocations linked to former appropriations chairman Rep. Zaldy Co
- Floods kill over 30 in Indian-controlled Kashmir, displace 150,000 in east Pakistan
- US Spirit Airlines files for bankruptcy again
- Xi and Putin reaffirm 'old friend' ties in the face of US challenges
