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://cmippyk.yamato-syokunin.com
Go files housing development bill
- Earthquake kills 250, injures 500 in Afghanistan
- AFP: It would take more than a tugboat to tow BRP Sierra Madre from Ayungin Shoal
- Islamic State claims deadly attack on Pakistan rally
- Pope Leo: We must listen first before speaking
- Marcos to youth: Help in nation-building
- Comelec defers BARMM district reconstitution
- South Korea's Lee faces pivotal test at first summit with Trump
- UN food agency chief says women and children are starving in Gaza and pressed Netanyahu on aid
- Quezon City launches 'Healthy QC' ordinance to combat childhood obesity
- North Korea's Kim oversees ICBM engine test — state media
