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
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.”, This news data comes from:http://www.jyxingfa.com
”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.
- 'New' position being offered to Torre — Palace
- Duterte party's acting chairman charged at Sandiganbayan over Malampaya project
- Made in China? The remarkable tale of Venice's iconic winged lion
- Govt monitoring Chinese ‘sleeper agents’ in PH
- Thailand's Parliament to vote Friday for a new prime minister
- Laws signed on holidays, court branches
- Government work, classes on Tuesday suspended due to bad weather
- Marcos says commission on DPWH anomalies to be finalized 'very soon,' mum on Magalong participation
- Israeli strikes in Yemen's capital kill six, Houthis say
- Sara says govt corruption probe a 'zarzuela,' plans to meet Robredo im Bicol festival
