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.”, This news data comes from:http://sersqin.yamato-syokunin.com
Go files housing development bill
”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.
- Marcos signs mining tax regime law
- PH Navy spots 20 Chinese ships near BRP Sierra Madre
- Marcos urged to raise WPS resolution at UN
- South Korea to ban mobile phones in school classrooms
- No winner in Grand, Megalotto draws for Aug 27
- Artikulo Onse' group calls for independent panel to probe flood control corruption
- UN force in Lebanon slams Israeli drone attack on peacekeepers
- White House fires US health agency head after she refused to quit
- SC acquits suspect in 2012 killing of Dutch aid worker over doubtful testimonies
- Rep. Tiangco reveals P17B flood control allocations linked to former appropriations chairman Rep. Zaldy Co
