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.
Go files housing development bill
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., This news data comes from:http://052298.com
- Recto: No exemption for US tech firms from digital tax
- Lacson seeks probe of 2 PH contractors' board members for conflict of interest
- Nartatez vows fair assignments, better resource management as new PNP chief
- Denmark summons US envoy over 'attempts to influence' Greenland
- Indonesia's delayed new capital risks 'white elephant' status
- Searchers retrieve bodies as Afghan quake toll seen to rise
- Sotto to Lead Senate again as majority votes to oust Escudero
- Protesters storm Discaya compound for second straight day
- 'No way' US troops can invade Venezuela, says Maduro
- Alice Guo faces new cases over POGO land
