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.
Go files housing development bill, This news data comes from:http://www.ycyzqzxyh.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.”
”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.
- Inoue says taunts 'missed the target' ahead of world title clash
- Dizon to order DPWH officials to submit courtesy resignation
- Comelec at 85: Garcia vows reforms
- Madagascar welcomes home skulls of Indigenous warriors taken by French colonial troops 128 years ago
- Seoul says over 300 South Koreans held in US battery plant site raid
- Legarda pushes Magna Carta of Waste Workers
- DILG denies claims ex-PNP chief ousted over firearms purchase
- Marcos lauds Filipinos for role in nation building on National Heroes Day
- South Korea's Lee faces pivotal test at first summit with Trump
- Labubu fans flock to stores after launch of mini dolls
