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://052298.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.
- Supreme Court: It’s work as usual in judiciary
- Japan govt seeks to triple spending on drones
- Need a pee? Japan has QR code for that
- Workers urge Marcos to stop corruption by banning political dynasties
- Palace to Discayas: Prove allegations
- Marcos expresses support for ‘beleaguered’ Cabinet members
- Follow the trucks: Why investors are looking south of Metro Manila
- US approves .5M in assistance to Nigeria to help address hunger
- DILG denies claims ex-PNP chief ousted over firearms purchase
- Hawaii's Kilauea volcano erupts with lava pouring out from multiple vents
