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.”, This news data comes from:http://erlvyiwan.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
- PH, Japan conduct search and rescue exercises
- Pope demands end to 'collective punishment' and forced displacement of Palestinians in Gaza
- Sotto ousts Escudero in Senate coup
- Budget shortfall narrows in July
- Xi and Putin reaffirm 'old friend' ties in the face of US challenges
- Sara’s claims that corruption probe could be done in one day 'absolutely preposterous' – Palace
- Maduro calls for dialogue hours after Trump’s threat
- Marcos embarks on three-day state visit to Cambodia
- Supreme Court: It’s work as usual in judiciary
- 9 dead in Ecuador after bus plunges into ravine
