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.
Go files housing development bill
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
Go files housing development bill, This news data comes from:http://gangzhifhm.com
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.
- Pope declares 'God's influencer' first millennial saint
- Eight towns in Cotabato cancel classes on Monday
- Putin meets Kim, praises North Korean troops in Russia
- Philippines calls for Gaza ceasefire amid humanitarian crisis
- Navotas holds anti-plastic drive
- Israel expects 1 million Gazans to flee new offensive
- Hontiveros pushes P15,000 salary hike for teachers
- May 12 poll results accurate, credible - OCTA Research
- A summit and parade in China may signal a geopolitical shift
- Bolsonaro verdict looms as Brazil coup trial closes
