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.”
Go files housing development bill
”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://pyuo-lvaf-dwg-px.gangzhifhm.com
- Some areas in Metro Manila, Bulacan, Quezon to have power interruptions due to maintenance work
- Ukraine's children start new school year in underground classrooms to avoid Russian bombs
- Trump moves to limit US stays of students, journalists
- PTFOMS and CHR sign agreement to improve Filipino media workers' safety
- US halts 80% complete, huge offshore wind farm
- Marcos, first lady visit Cambodia to boost ties
- BuCor chief calls for major reforms
- Indonesia turns down ear-splitting 'haram' street parties
- BIR to audit contractors flagged for ghost flood projects for tax fraud — BIR
- Maduro calls for dialogue hours after Trump’s threat
