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.
Go files housing development bill, This news data comes from:http://nca.705-888.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.
- ‘Lannie’ to bring rain over NLuzon, southwest monsoon to affect Metro Manila, Calabarzon, Mimaropa —Pagasa
- Need a pee? Japan has QR code for that
- Modi and Putin affirm special relationship as India faces steep US tariffs over Russian oil imports
- South Korean President vows support to Koreans arrested in US immigration raid
- Zelenskyy meets European leaders on Ukraine security guarantees
- US approves .5M in assistance to Nigeria to help address hunger
- Mob burns Nigerian woman to death over Islam blasphemy claim — police
- 20 people missing after deadly Indonesia protests
- Pagasa sees cyclone-free week across PH
- Putin tells Xi China-Russia ties are at 'unprecedented level'
