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.
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.”
Go files housing development bill, This news data comes from:http://www.gangzhifhm.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.
- International media protest over journalist deaths in Gaza
- PH eyes global partners in biggest railway project
- Macron's decision to recognize Palestinian state angers Israel and the US
- AKG chief denies using ‘kidnap’ car for personal purposes
- Marcos names acting Ombudsman
- Iran says open to US nuclear talks, rejects missile curbs
- Villanueva: Regularize contractual govt workers
- Task force cites new threats to media workers
- Globe partners with unconnected.org to provide remote schools with sustainable internet connectivity
- MMDA proposes rainwater facilities in Camp Aguinaldo to mitigate EDSA flooding
