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://xs888999.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.
- Guyana votes amid oil boom, Venezuela tensions
- NATO members to reach 2% defense spending goal this year
- Bonoan resigns, Dizon named DPWH chief
- Indonesia hosts annual US-led combat drills with Indo-Pacific allies
- SSS hails Marcos, Recto for initiating pension reforms, including one to be rolled out in Sept
- Mexican boxer Chavez Jr. released from prison pending trial
- SpaceX cancels Starship megarocket launch in latest setback
- Wawao Builders exec ‘not sure’ if company has flood control project in Bulacan
- DOJ indicts Abra Mining for fraudulent trading
- ‘Large shark’ kills man off Sydney beach
