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., This news data comes from:http://uxhs.jyxingfa.com
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.
- South Korean President vows support to Koreans arrested in US immigration raid
- LPA trough, 'habagat' to bring rains in parts of Luzon, including Metro Manila
- 25,000 Filipinos register for Pag-IBIG's Expanded 4PH Housing Program
- Thousands protest in Indonesia as military deployed in capital
- Group: Register for free PhilHealth medicines
- Undersea cables cut in the Red Sea, disrupting internet access in Asia and the Mideast
- SpaceX scrubs latest Starship launch due to bad weather
- Australia's mushroom murderer faces victims' family in court
- Lone bettor wins P86M in 6/42 lotto draw for Sept 6
- Trump threatens Russia with sanctions after biggest aerial attack on Ukraine
