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://sixk-bvp-op-tfa.jyxingfa.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
- Cambodia MPs pass law allowing stripping of citizenship
- Trump hails Department of War rebrand as 'message of victory'
- No winner in lotto draws for Aug 23
- Thai opposition holds kingmaking summit deciding new PM
- New Quezon City judge to oversee Dengvaxia vaccine cases, sets hearing
- Humanoid robots showcase skills at Ancient Olympia. But they're on a long road to catch up to AI
- Earthquake in eastern Afghanistan kills at least 610 people and injures 1,300
- Marcos soon to create commission to probe flood control projects
- PH eyes global partners in biggest railway project
- Strikes across Gaza Strip kill at least 31 as international scholars accuse Israel of genocide
