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, This news data comes from:http://www.redcanaco.com
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.”
”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.
- Can a giant seawall save Indonesia's disappearing coast?
- Putin tells Xi China-Russia ties are at 'unprecedented level'
- PH Navy spots 20 Chinese ships near BRP Sierra Madre
- President asks governor to expose irregularities in govt projects
- Filipino fulfills dream of performing with K-pop group before home fans
- Ukraine's children start new school year in underground classrooms to avoid Russian bombs
- MMDA readies for FIVB men’s volleyball
- New Zealand to allow some wealthy foreign investors onto property market
- Gasoline, diesel price hikes seen next week
- Metro Manila, rest of Luzon would be rainy due to ‘habagat’ —Pagasa
