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://jyxingfa.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.
- Philippines to work more closely with US amid regional challenges
- Taiwan: China illegally deploying oil rigs in our waters
- Customs officials, employees who aided Discayas will not be spared — Customs chief
- Metro Manila disaster agencies expand response areas in preparation for 'Big One'
- DILG denies claims ex-PNP chief ousted over firearms purchase
- Pag-IBIG Fund gives occupants 10% discount to legally buy acquired homes
- Need a pee? Japan has QR code for that
- Manila mayor warns against mobs, orders police to maintain peace and order
- Artikulo Onse' group calls for independent panel to probe flood control corruption
- Trump moves to end US tariff exemption for small packages
