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.”
”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.
Go files housing development bill
- Putin lands in Tianjin for summit hosted by China
- Duterte lawyer cites failing health, urges return to Philippines after ICC postpones hearing
- Construction managers, developers back Housing chief's anti-corruption advocacy
- Palestinian Embassy echoes PH appeal for ceasefire in Gaza
- ChatGPT to get parental controls after teen's death
- Heavy rain causes flooding, landslides and 8 deaths in Vietnam and Thailand
- Australia government condemns anti-immigration rally in Sydney
- Palace rejects Sara's offer of 'free advice' on flood solutions, says to give it to 'Mayor Baste' instead
- Marcos signs mining tax regime law
- Denmark summons US envoy over 'attempts to influence' Greenland
