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.
Go files housing development bill
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., This news data comes from:http://yamato-syokunin.com
- PNP disputes China's crime advisory, says Philippines crime rate dropped
- ERC amends net-metering rules to expand renewable energy options
- Heavy rain causes flooding, landslides and 8 deaths in Vietnam and Thailand
- Police general suspended for ‘obstruction’ of evidence in case of missing sabungeros
- Marcos sacks PNP Chief Torre, saying it was 'difficult but necessary'
- Inoue says taunts 'missed the target' ahead of world title clash
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- Japanese volunteers to PH 'bedrock' of bilateral relations, says envoy
- Marcos lauds Filipinos for role in nation building on National Heroes Day
- Tokyo logs record 10 days of 35 C or higher
