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., This news data comes from:http://705-888.com
Go files housing development bill
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.
- Open mic caught Xi, Putin discussing immortality
- Mexican boxer Chavez Jr. released from prison pending trial
- Thailand ruling party moves to dissolve parliament
- Guyana votes amid oil boom, Venezuela tensions
- Maryland resident is diagnosed with New World screwworm. What to know about the parasite
- La Niña may return but temperatures will remain high, UN says
- A tale of two cities: San Mateo rejects Manila's trash; Rizal opens landfill to Malabon
- Palestinian Embassy echoes PH appeal for ceasefire in Gaza
- Marcos sacks PNP Chief Torre, saying it was 'difficult but necessary'
- Marcos opens WorldSkills Asean competition
