SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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://vst.yamato-syokunin.com
- OVP ready to submit to lifestyle check if ordered, no word from Sara
- Go Negosyo, CFO push migrant empowerment
- Filipino member of AHOF K-pop group says Manila concert a dream come true
- South Korea's Lee faces pivotal test at first summit with Trump
- Magnitude 5.1 earthquake rattles Surigao del Sur
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- DOJ indicts Abra Mining for fraudulent trading
- Israel army urges Gaza City residents to leave
- Marcos expresses support for ‘beleaguered’ Cabinet members
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
