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, This news data comes from:http://yamato-syokunin.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.”
”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.
- President Marcos Jr. visits Cambodia to strengthen ties
- India's Modi meets Japan's Ishiba as he begins Asia tour
- 25,000 Filipinos register for Pag-IBIG's Expanded 4PH Housing Program
- Sotto ousts Escudero in Senate coup
- Bureau of Customs seeks missing luxury cars of contractor Sarah Discaya
- Pagasa: Trough of LPA, 'habagat' will bring rain, thunderstorms across PH
- Cebu Pacific to launch direct flights between Cebu and Palawan
- Trump stamps 'dictator chic' on Washington
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- Supreme Court urged to act on fake complaints
