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.
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.jyxingfa.com
Go files housing development bill
- Australia's mushroom murderer faces victims' family in court
- UP journalism professor chides Rep. Gomez over ‘media spin’ claims
- Chinese warships shadow Philippine, Australian, Canadian drills in Zambales
- In Taiwan, competing narratives over the meaning of China's massive military show
- Some areas in Metro Manila, Bulacan to have brownouts due to maintenance work
- Vatican puts Pope Francis' ecological preaching into practice with vocational farm center
- ICC postpones Duterte’s confirmation hearing after defense panel cites fitness concerns
- Marcos opens WorldSkills Asean competition
- Protesters storm Discaya compound for second straight day
- EU massive fine against Google draws Trump’s ire
