SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://wjpyvei.771bg.com
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.
Go files housing development bill
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.
- US strike marks shift to military action against drug cartels
- South Korea's Lee faces pivotal test at first summit with Trump
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- 9 dead in Ecuador after bus plunges into ravine
- Marcos willing to submit to a lifestyle check
- 100K Pakistanis flee amid flood threat
- Quezon City hails directive for national projects to get local permits
- Pagasa sees two to four tropical cyclones hitting Philippines in September
- Epstein victims compiling list of sexual abusers
- Heavy rains flood parts of Metro Manila anew
