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., This news data comes from:http://www.gyglfs.com
Go files housing development bill
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
- Tensions soar in Indonesia as protests over police brutality and lawmakers' allowances continue
- Malabon averts crisis with garbage deal
- Read to reduce sentence, Uzbekistan tells prisoners
- Wildfires producing 'witches' brew' of air pollution – UN
- PNP disputes China's crime advisory, says Philippines crime rate dropped
- 2028 polls overseas voter registration opens in Dec
- PH Navy spots 20 Chinese ships near BRP Sierra Madre
- 'Perfect storm': UK fishermen reel from octopus invasion
- ‘Lannie’ will bring rain showers, thunderstorms over North Luzon —Pagasa
