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.
Go files housing development bill
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., This news data comes from:http://052298.com
- Australia expels Iran ambassador over antisemitic attacks
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- Mass housing developers laud Pag-IBIG Fund
- Indonesia's delayed new capital risks 'white elephant' status
- Some areas in Metro Manila, Bulacan to have brownouts due to maintenance work
- Heavy rain causes flooding, landslides and 8 deaths in Vietnam and Thailand
- Choose Ombudsman with integrity, intelligence, insight – Cayetano
- MMDA readies for FIVB men’s volleyball
- Former DPWH chief denies links to corruption
- Discaya’s construction companies competed against each other during biddings
