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., This news data comes from:http://erlvyiwan.com
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
”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.
- Macron's decision to recognize Palestinian state angers Israel and the US
- Pasig mayor pushes DPWH reforms to curb corruption
- Ukraine eyes defense deal with PH that includes co-production of drones, says envoy
- Nepal PM resigns after deadly protests sparked by social media ban
- Immigration: 1st lookout bulletin in effect on 35 individuals, including Discayas, linked to anomalous flood control projects
- Thai court dismisses prime minister over compromising phone call with Cambodian leader
- Retired NBI agents urge Marcos to appoint career official to replace Santiago
- DOJ subpoenas Atong Ang, actress Gretchen Barretto, retired Police Gen. Estomo in missing sabungeros case
- Tensions soar in Indonesia as protests over police brutality and lawmakers' allowances continue
- Palestinian Embassy echoes PH appeal for ceasefire in Gaza
