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.
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://giwg-gkua-bwga-ojr.ycyzqzxyh.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.
Go files housing development bill
- Nepal to block unregistered social media platforms – govt
- Seoul says over 300 South Koreans held in US battery plant site raid
- Nartatez to reassign Torre if he won't retire, says they're 'okay'
- Putin facing mounting pressure from the West
- Motive probed for US shooting that killed two children, injured 17
- Venezuela deploys warships, drones as US destroyers draw near
- Cusi charged over Malampaya deal
- Head of main US health agency abruptly dismissed
- 25,000 Filipinos register for Pag-IBIG's Expanded 4PH Housing Program
- Vietnam marks 80th independence anniversary with huge parade
