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.
Go files housing development bill, This news data comes from:http://www.erlvyiwan.com
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.
- Xi and Putin round on West at regional summit in China
- Appointments panel holds first session
- Meeting South Korea, Trump could eye new chance with North
- Ukraine offers to co-produce drones with Philippines for maritime patrols
- Discaya’s construction companies competed against each other during biddings
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- Indonesia's delayed new capital risks 'white elephant' status
- DOTr denies ordering shutdown of online selling platforms
- 'God's Influencer' to become first millennial saint
- Manila marks National Heroes Day with job fair
