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, This news data comes from:http://btqe.yamato-syokunin.com
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.
- Laws signed on holidays, court branches
- Customs recovers 10 more Discaya luxury cars
- House suspends DPWH budget deliberations pending submission of changes by agency, DBM
- Follow the trucks: Why investors are looking south of Metro Manila
- PH eyes global partners in biggest railway project
- Marcos names acting Ombudsman
- Marcos names Dizon as DPWH secretary
- Tax bureau hunts down contractors over questionable flood control deals
- Australia to tackle deepfake nudes, online stalking
- Thailand's suspended prime minister testifies over phone call that could get her booted from job
