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., This news data comes from:http://chc-ohb-squr-mys.052298.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.
Go files housing development bill
- Bonoan resigned due to command responsibility — Marcos
- Filipino fulfills dream of performing with K-pop group before home fans
- UK refuses to invite Israeli government officials to London arms fair over the war in Gaza
- House tackles P881B public works budget amid flood control anomalies
- Peace efforts in limbo as Kyiv mourns 23 dead
- Hopes fading for Putin, Zelenskyy peace summit
- Gaza at 'breaking point,' says UN food agency chief after visit
- Guyana votes amid oil boom, Venezuela tensions
- La Niña forecast from Sept-Dec, expect more tropical cyclones, above normal rainfall -- Pagasa
- Unnamed skeletons? US museum at center of ethical debate
