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.
Go files housing development bill, This news data comes from:http://gejgs.aichuwei.com
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.
- WBO champ looms as Pacquiao’s next opponent
- Rubio says US warned France on Israel annexation moves
- Macron rushes to find new French PM
- Filipino priest wins Ramon Magsaysay Award for activism against Duterte's drug war
- AboitizPower pushes growth with clean, renewable energy
- North Korea's Kim oversees ICBM engine test: state media
- Israeli forces seize nearly 0,000 in West Bank raid
- South Korean President vows support to Koreans arrested in US immigration raid
- Palestinian Embassy echoes PH appeal for ceasefire in Gaza
- Discayas name lawmakers, DPWH officials involved in alleged extortion
