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.
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://www.aichuwei.com
Go files housing development bill
- Madagascar welcomes home skulls of Indigenous warriors taken by French colonial troops 128 years ago
- OVP ready to submit to lifestyle check if ordered, no word from Sara
- North Korean leader inspects new missile factory ahead of visit to China
- IBP forms committee on good governance to probe corruption
- Filipino priest wins Ramon Magsaysay Award for activism against Duterte's drug war
- A suicide bombing near a political rally in southwestern Pakistan kills 13 and wounds 30
- Afghanistan earthquake kills more than 800
- 2 policemen placed under preventive custody for allegedly molesting a female colleague in Marikina
- PNP disputes China's crime advisory, says Philippines crime rate dropped
- US agents arrest 475 in Hyundai-LG plant raid
