SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://www.052298.com
Go files housing development bill
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.
- Vietnam evacuates thousands ahead of Typhoon Kajiki
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- Veteran Thai politician Anutin Charnvirakul wins vote in Parliament to become next prime minister
- 25,000 Filipinos register for Pag-IBIG's Expanded 4PH Housing Program
- Argentina hunts Nazi-looted painting revealed in property ad
- Argentine police recover Nazi-looted painting spotted in property ad
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
- Sri Lanka's jailed ex-president Wickremesinghe granted bail
- Xi and Putin reaffirm 'old friend' ties in the face of US challenges
- Escudero says new lease law to make PH more appealing to investors
