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://jhaa-ghq-ik-ltr.aichuwei.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.
- ‘Lannie’ will bring rain showers, thunderstorms over North Luzon —Pagasa
- Pagasa monitors LPA off Cavite, may still become tropical depression
- Palace slams Discaya couple's denial in Film Heritage Building debacle
- South Korea's Lee faces pivotal test at first summit with Trump
- India to probe giant zoo run by son of Asia's richest person
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- 'Mockery of science': US experts blast Trump climate report
- 1.2K pass Electrical Engineers exam
- House bill seeks to regulate AI use
- Magnitude 5.1 earthquake rattles Surigao del Sur
