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.
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, This news data comes from:http://vg-nd-uf-hv.052298.com
- Thailand’s next PM reaffirms fresh polls promise
- Trump moves to end US tariff exemption for small packages
- China's Xi holds talks with North Korea's Kim in Beijing
- Modi and Putin affirm special relationship as India faces steep US tariffs over Russian oil imports
- LTO summons driver who berated MMDA enforcer
- Filipino member of AHOP K-pop group says Manila concert a dream come true
- Iran confers with European nations on its nuclear program as sanctions deadline nears
- Marcos signs mining tax regime law
- House resumes budget briefings
- Peru’s ex-president Toledo gets a second sentence in the Odebrecht corruption scandal
