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://xwowdmd.aichuwei.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.
- SpaceX cancels Starship megarocket launch
- Tax bureau hunts down contractors over questionable flood control deals
- Washington makes military aid overtures to Sahel juntas
- Marcos names acting Ombudsman
- Pump prices go up
- Australia to tackle deepfake nudes, online stalking
- MMDA prepares for PH hosting of FIVB
- Comelec completes ballot printing for Bangsamoro elections despite redistricting dispute
- India to cut taxes on hundreds of consumer goods to boost local demand following steep US tariffs
- Red Cross head says mass evacuation of Gaza City 'impossible'
