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.”
”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, This news data comes from:http://jyxingfa.com
- Peru’s ex-president Toledo gets a second sentence in the Odebrecht corruption scandal
- Thai Court: PM Shinawatra violated ethics rules
- Taiwan, China locked in historical word war
- US appeals court finds Trump's global tariffs illegal
- Trump rebrands Department of Defense as 'Department of War'
- DOTr denies ordering shutdown of online selling platforms
- Quezon City hails directive for national projects to get local permits
- No winner in Ultra, Megalotto draws for Aug 29
- Pagasa sees two to four tropical cyclones hitting Philippines in September
- Marcos signs laws declaring holidays across PH
