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.”
Go files housing development bill, This news data comes from:http://www.xs888999.com
”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.
- Afghan quake death toll surges to over 2,200
- Philippines to launch shame campaign vs traffic violators
- Denmark summons US envoy over 'attempts to influence' Greenland
- PH, Japan conduct search and rescue exercises
- Philippines calls for Gaza ceasefire amid humanitarian crisis
- Need a pee? Japan has QR code for that
- President Marcos launches HD Hyundai Shipyard in Subic
- 4 policemen linked to sabungero case slapped with more administrative cases
- Youth group to SC: Stop postponement of BSKE
- Madagascar welcomes home skulls of Indigenous warriors taken by French colonial troops 128 years ago
