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
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.”, This news data comes from:http://jyxingfa.com
”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.
- Thailand's suspended prime minister testifies over phone call that could get her booted from job
- SSS pension reform program starts in September
- Comelec defers reconstitution of BARMM parliamentary districts
- Mexican senators come to blows after heated debate
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
- Xi meets Modi as China and India seek to rebuild ties
- Sri Lanka's jailed ex-president Wickremesinghe granted bail
- Former DPWH chief denies links to corruption
- Filipino weightlifter Vanessa Sarno banned for 2 years for anti-doping violation
- Maduro calls for dialogue hours after Trump’s threat
