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://fh-yfe-qp-bw.aichuwei.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.
- Trump moves to end US tariff exemption for small packages
- Comelec en banc upholds cancelation of Duterte Youth Party-List registration
- Former president Duterte's health stable despite high blood sugar, says VP Sara
- ‘Lannie’ to bring rain over NLuzon, southwest monsoon to affect Metro Manila, Calabarzon, Mimaropa —Pagasa
- 102-year-old becomes oldest person to summit Mount Fuji
- Israel expects 1 million Gazans to flee new offensive
- Vietnam marks 80th independence anniversary with huge parade
- Portugal mourns after Lisbon streetcar accident kills 15
- 'Strangest' dinosaur covered in spiked armory – scientists
- 2,000 North Korean troops killed in Russia deployment: Seoul spy agency
