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., This news data comes from:http://ohditpbp.gyglfs.com
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.”
Go files housing development bill
”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.
- Australia expels Iran ambassador over antisemitic attacks
- Students, faculty file complaint against Universidad de Manila president
- DPWH Secretary Dizon vows to slash 'staggering' P268B flood control budget
- House committee subpoenas Sarah Discaya, 4 other contractors over flood control project anomalies
- SSS pension reform program starts in September
- Thai tycoon takes office as PM after royal endorsement
- China criticizes Canadian, Australian warships transiting Taiwan Strait
- Indonesia's delayed new capital risks 'white elephant' status
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- Thousands protest in Nepal over social media ban, corruption
