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.
Go files housing development bill, This news data comes from:http://www.jyxingfa.com
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.
- Thai PM Paetongtarn Shinawatra sacked; new turmoil feared
- Lacson warns lawmakers may be complicit in ghost flood control projects
- Rep. Tiangco reveals P17B flood control allocations linked to former appropriations chairman Rep. Zaldy Co
- Marcos opens WorldSkills Asean competition
- China to bolster non-Western alliances at summit, parade
- Marcos Jr. seeks 'fair, impartial' Ombudsman - Palace
- Ukraine's children start new school year in underground classrooms to avoid Russian bombs
- Cebu Pacific to launch direct flights between Cebu and Palawan
- Pope Leo XIV to Israeli president: 2-state solution needed to end Gaza war
- Xi says China 'unstoppable' in parade opening speech
