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://www.yamato-syokunin.com
- Afghanistan earthquake kills more than 800
- In Taiwan, competing narratives over the meaning of China's massive military show
- Japan PM Ishiba bounces back in polls after election debacle
- Comelec at 85: Garcia vows reforms
- Lacson: Torre 'acted beyond his authority'
- Inflation up 1.5% in August
- Former president Duterte's health stable despite high blood sugar, says VP Sara
- 102-year-old becomes oldest person to summit Mount Fuji
- Marcos signs mining tax regime law
- 1 in 4 people lack access to safe drinking water — UN
