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.”
”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., This news data comes from:http://www.erlvyiwan.com
Go files housing development bill
- NACC renews appeal: Adopt neglected kids
- Alice Guo faces new cases over POGO land
- Protesters storm Discaya compound for second straight day
- Two dead as strong earthquake jolts Afghanistan
- CBCP president urges Israel to stop military operations in Gaza
- US appeals court blocks Trump's use of wartime law for deportations
- Palace slams Discaya couple's denial in Film Heritage Building debacle
- Private groups back DHSUD chief's anti-corruption policy
- Most Filipinos distrust China, see it as biggest threat — OCTA survey
- Open mic caught Xi, Putin discussing immortality
