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, This news data comes from:http://horo.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.
- Aid flotilla with Greta Thunberg set to sail for Gaza
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
- No peace without end to hostilities –Arab bloc
- Protesters storm Discaya compound, Sotto calls for calm
- Read to reduce sentence, Uzbekistan tells prisoners
- Gaza aid flotilla says hit by drone, Tunisia says none detected
- Gomez-Estoesta named court administrator by Supreme Court
- Chinese warships shadow Philippine, Australian, Canadian drills in Zambales
- Social media erupts: Politicians' children face backlash for flaunting wealth
- ICC postpones Duterte’s confirmation hearing after defense panel cites fitness concerns
