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.
Go files housing development bill, This news data comes from:http://ir-mf-ji-ayy.jyxingfa.com
- Pope Leo: We must listen first before speaking
- Israel expects 1 million Gazans to flee new offensive
- LBC Express Holdings top executive to retire in Oct.
- Comelec probes 15 contractors for illegal campaign donations
- Thai opposition holds kingmaking summit deciding new PM
- Two foreigners face trafficking complaint in Pasay City
- Sara favors punishing officials, lifestyle checks
- Sotto allows detained Public Works engineer to attend House probe on flood control projects
- Oil firms to raise pump prices Tuesday
- Thai court dismisses prime minister over compromising phone call with Cambodian leader
