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.
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://705-888.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.
Go files housing development bill
- Support grows for independent probe into flood control projects
- PH eyes global partners in biggest railway project
- UK's mass facial-recognition roll-out alarms rights groups
- PH, Australia, Canada hold maritime drills in West Philippine Sea
- NHA gives cash aid to families affected by calamity in Manila
- PH to see ‘blood moon’ Sept. 7-8
- Putin vows not to back down in Ukraine
- NKorea's Kim tells Xi hopes to 'steadily develop' ties – KCNA
- PNP chief Torre relieved, Nartatez to take over
- 20 people missing after deadly Indonesia protests
