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://cpmly.gyglfs.com
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.”
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.
- OVP ready to submit to lifestyle check if ordered, no word from Sara
- 17 House lawmakers press Marcos administration to raise WPS issue to UN
- Recto: No exemption for US tech firms from digital tax
- China's Xi holds talks with North Korea's Kim in Beijing
- Metro Manila, rest of Luzon would be rainy due to ‘habagat’ —Pagasa
- LPA trough, 'habagat' to bring rains in parts of Luzon, including Metro Manila
- Four children killed by parents in Dominican Republic — police
- Xi slams 'bullying' in speech to regional leaders at summit
- House tackles P881B public works budget amid flood control anomalies
- Philippines to work more closely with US amid regional challenges
