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://jr.052298.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.”
Go files housing development bill
”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.
- Thai Court: PM Shinawatra violated ethics rules
- House resolution filed to investigate 'funders' of anomalous projects
- Aid flotilla with Greta Thunberg set to sail for Gaza
- Petitioners challenge claim NAIA fees lowest in Southeast Asia
- Venezuela deploys warships, drones as US destroyers draw near
- Eight towns in Cotabato cancel classes on Monday
- Taiwan: China illegally deploying oil rigs in its waters
- Floods kill over 30 in Indian-controlled Kashmir, displace 150,000 in east Pakistan
- Diokno urges Philippines to rejoin ICC to counter China's aggression
- New mining law to balance profit, ecology
