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://tky.gangzhifhm.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.
- Palace slams Discaya couple's denial in Film Heritage Building debacle
- PH Construction Board asked to address 'accreditation for sale' scandal
- Tensions soar in Indonesia as protests over police brutality and lawmakers' allowances continue
- Co out of country for medical reasons
- NATO members to reach 2% defense spending goal this year
- Aggressive promos in unregulated online gambling platforms draw Filipinos — study
- Seoul says over 300 South Koreans held in US battery plant site raid
- Mexican drug lord faces life in prison after pleading guilty in US court
- Putin lands in Tianjin for summit hosted by China
- Marcos embarks on three-day state visit to Cambodia
