SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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.”, This news data comes from:http://redcanaco.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.
- France seized by fears of new political crisis
- Marcos lauds Filipinos for role in nation building on National Heroes Day
- Private groups back DHSUD chief's anti-corruption policy
- LPA east of Surigao del Sur may intensify into tropical depression
- Eala kicks off US Open campaign, aims for breakthrough win in New York
- Alice Guo faces new cases over POGO land
- Evicted from their forests, Kenyan hunter-gatherers fight for their rights
- WBO champ looms as Pacquiao’s next opponent
- Fire breaks out in Manila residential area
- 'Large shark' kills man off Sydney beach
