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://crn.gyglfs.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.
- Philippines to launch shame campaign vs traffic violators
- Tokyo logs record 10 days of 35 C or higher
- Putin lands in Tianjin for summit hosted by China
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- Venezuela builds up border security over US warships
- Dizon asks DOJ to issue immigration lookout bulletin to 26 DPWH officials and contractors
- Marcos signs mining tax regime law
- Strikes across Gaza Strip kill at least 31 as international scholars accuse Israel of genocide
- Cambodia MPs pass law allowing stripping of citizenship
- 'Pink and green' protests call for a reset in Indonesia
