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.
Go files housing development bill
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation., This news data comes from:http://www.052298.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.
- Earthquake kills 250, injures 500 in Afghanistan
- Pope declares 'God's influencer' first millennial saint
- Ukraine offers to co-produce drones with Philippines for maritime patrols
- Napolcom welcomes Nartatez’s move to recall Torre’s reassignments
- President asks governor to expose irregularities in govt projects
- Trump hails Department of War rebrand as 'message of victory'
- Inoue says taunts 'missed the target' ahead of world title clash
- Sara slams govt corruption probe as a 'political zarzuela,' to meet with Robredo at Bicol festival
- Indonesian finance minister's home looted as protest anger grows
- Villanueva: Regularize contractual govt workers
