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., This news data comes from:http://wwr-dbsh-yuy-jxrw.771bg.com
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.”
”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
- Trump wants to meet Norea Korea's Kim again
- Van Gogh Museum 'could close' without more help from Dutch govt
- Thai court to rule on PM's fate after Hun Sen call leak
- Thailand's suspended prime minister testifies over phone call that could get her booted from job
- Most Filipinos distrust China, see it as biggest threat — OCTA survey
- Vatican puts Pope Francis' ecological preaching into practice with vocational farm center
- Taylor Swift, Travis Kelce engaged
- Philippine forces deliver supplies and personnel to disputed South China Sea shoal despite tensions
- SSS hails Marcos, Recto for initiating pension reforms, including one to be rolled out in Sept
- DSWD's guarantee letters now accepted in more establishments
