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., This news data comes from:http://www.xs888999.com
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
- Australia government condemns anti-immigration rally in Sydney
- PAL plane bound for Osaka returns to Manila due to 'emergency' situation
- Trump move to cut more foreign aid risking shutdown
- Veteran Thai politician Anutin Charnvirakul wins vote in Parliament to become next prime minister
- An AI simulation of a Mount Fuji eruption is being used to prepare Tokyo for the worst
- SC orders comment on petitions vs polls
- Earthquake in eastern Afghanistan kills at least 610 people and injures 1,300
- No winner in Ultra, Megalotto draws for Aug 29
- Retired NBI agents urge Marcos to appoint career official to replace Santiago
- Putin threatens to target Western troops in Ukraine
