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.
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://ovdy-rr-dthq-wff.redcanaco.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.
- 15 drug war victims cleared to join Duterte's ICC case
- 20 people missing after deadly Indonesia protests
- Estrada, Villanueva tagged in House flood control mess, says 'SOP was 30%'
- Budget shortfall narrows in July
- SSS pension reform program starts in September
- Marcos signs laws declaring holidays across PH
- Trump plans a hefty tax on imported drugs, risking higher prices and shortages
- Undersea cables cut in the Red Sea, disrupting internet access in Asia and the Mideast
- Open mic caught Xi, Putin discussing immortality
- Thai Court: PM Shinawatra violated ethics rules
