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.
Go files housing development bill, This news data comes from:http://wwiy.771bg.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
- Customs recovers 10 more Discaya luxury cars
- Malabon shifts garbage disposal to Rizal landfill after Navotas closure
- Iran says open to US nuclear talks, rejects missile curbs
- NHA gives cash aid to families affected by calamity in Manila
- Berlin urges Israel to 'immediately' improve humanitarian conditions in Gaza
- Indonesian finance minister's home looted as protest anger grows
- Thai court dismisses prime minister over compromising phone call with Cambodian leader
- Support grows for independent probe into flood control projects
- Australia expels Iran ambassador over antisemitic attacks
- Japan prince comes of age as succession crisis looms
