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, This news data comes from:http://www.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.
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.
- PTFOMS and CHR sign agreement to improve Filipino media workers' safety
- EU massive fine against Google draws Trump threat
- Discaya companies' licenses revoked for bid-rigging
- Wildfire tears through California gold rush town
- Prince Harry to visit UK on anniversary of queen's death
- South Korean prosecutors indict Yoon's wife, former PM
- Lone bettor wins P86M in 6/42 lotto draw for Sept 6
- New judge to handle Dengvaxia cases named; hearing set
- House committee subpoenas Sarah Discaya, 4 other contractors over flood control project anomalies
- Australia expels Iran ambassador over antisemitic attacks
