SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://771bg.com
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.”
”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.
- Filipino weightlifter Vanessa Sarno banned for 2 years for anti-doping violation
- Afghan quake death toll surges to over 2,200
- China 'unstoppable', says Xi with Kim, Putin at his side
- Sen. Hontiveros pushes for Philippine Geriatric Center to aid seniors
- 'Five Eyes' ministers meet to discuss smashing people smuggling gangs, UK says
- Indonesian finance minister's home looted as protest anger grows
- Leviste files charges against DPWH engineer who tried to bribe him
- Modi and Putin affirm special relationship as India faces steep US tariffs over Russian oil imports
- Filipino member of AHOP K-pop group says Manila concert a dream come true
- Israel warns Hamas to surrender or face 'annihilation'
