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.
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
Go files housing development bill, This news data comes from:http://gangzhifhm.com
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.
- Duterte party's acting chairman charged at Sandiganbayan over Malampaya project
- Pump prices go up
- Xi and Putin reaffirm 'old friend' ties in the face of US challenges
- Gloria Arroyo files bill to empower Office of the Vice President
- Zelenskyy seeks talks with Trump and European leaders on slow progress of peace efforts with Russia
- Tourists dice with danger on Hanoi's train street
- Vietnam marks 80th independence anniversary with huge parade
- ALPAS Consultancy bags five awards in Philippine Quill debut
- Comelec defers reconstitution of BARMM parliamentary districts
- US appeals court finds Trump's global tariffs illegal
