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
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://771bg.com
Go files housing development bill
”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.
- No winner in lotto draws for Aug 30
- International media protest over journalist deaths in Gaza
- Indonesia leader orders investigation into driver's protest death
- 25,000 Filipinos register for Pag-IBIG's Expanded 4PH Housing Program
- Peace efforts in limbo as Kyiv mourns 23 dead
- LPA trough, 'habagat' to bring rains in parts of Luzon, including Metro Manila
- ‘God’s Influencer’ to become first millennial saint
- Judge reverses Trump administration's cuts of billions of dollars to Harvard University
- Tariffs, migration and cartels will top Rubio's talks in Mexico and Ecuador this week
- PH, Australia commend ‘impressive’ joint sea drills
