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://ru-fviy-bjuq-pds.yamato-syokunin.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.
Go files housing development bill
- Pump prices go up
- PAL plane bound for Osaka returns to Manila due to 'emergency' situation
- ‘New NBI chief must be career official’
- Mexican senators come to blows after heated debate
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
- Bureau of Customs seeks missing luxury cars of contractor Sarah Discaya
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
- Makati earns high rating in anti-trafficking and violence assessment
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- Mob burns Nigerian woman to death over Islam blasphemy claim — police
