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.”
”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., This news data comes from:http://lgfdksc.gyglfs.com
Go files housing development bill
- Indonesia leader orders investigation into driver's protest death
- Ukraine eyes defense deal with PH that includes co-production of drones, says envoy
- UN food agency chief says women and children are starving in Gaza and pressed Netanyahu on aid
- Modi and Putin affirm special relationship as India faces steep US tariffs over Russian oil imports
- National Guard troops begin carrying weapons in US capital
- Appointments panel holds first session
- Philippines calls for Gaza ceasefire amid humanitarian crisis
- South Korea to ban mobile phones in school classrooms
- Duterte lawyers take aim at ICC prosecutor
- Manila marks National Heroes Day with job fair
