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.”, This news data comes from:http://eum-kp-fgr-dgdj.705-888.com
”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
- Aftershocks rumble quake-hit Afghanistan as death toll tops 1,400
- House resumes budget briefings
- Ukraine's children start new school year in underground classrooms to avoid Russian bombs
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
- China is showing off its weaponry in a tightly controlled military parade
- Israel army urges Gaza City residents to leave
- Australia's 'mushroom murderer' handed life in prison with parole
- UK, Japan, South Korea endure hottest summer on record
- House justice panel to probe US' extradition request for Quiboloy
- Co out of country for medical reasons
