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.”
”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://www.yamato-syokunin.com
- 17 House lawmakers press Marcos administration to raise WPS issue to UN
- Nepal to block unregistered social media platforms – govt
- Immigration deports 49 South Korean fugitives
- Dial 911: New nationwide emergency hotline to go live on Sept. 11
- China's Xi holds talks with North Korea's Kim in Beijing
- Xi and Putin round on West at regional summit in China
- Budget shortfall narrows in July
- Repairs on Chinese ship in Bajo de Masinloc collision may take 2 months - PH Navy
- Construction managers, developers back Housing chief's anti-corruption advocacy
- Japan accelerates missile deployment amid rising regional tensions
