SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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.”
”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, This news data comes from:http://www.771bg.com
- Venezuela deploys warships, drones as US destroyers draw near
- South Korea to ban mobile phones in school classrooms
- LPA may still develop into short-lived tropical cyclone
- Pagasa: Rainy Monday over Visayas, Luzon areas due to LPA, 'habagat'
- Mexican boxer Chavez Jr. released from prison pending trial
- An AI simulation of a Mount Fuji eruption is being used to prepare Tokyo for the worst
- P270M rock shed useless – Marcos
- LTO summons driver who berated enforcer
- Thai PM Paetongtarn Shinawatra sacked; new turmoil feared
- GoTyme gives customers 20 free InstaPay transfers per month
