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.
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation., This news data comes from:http://www.jyxingfa.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.
Go files housing development bill
- Oil firms to hike pump prices Tuesday
- Thai court to rule on PM's fate after Hun Sen call leak
- Iran says open to US nuclear talks, rejects missile curbs
- BIR to audit contractors flagged for ghost flood projects for tax fraud — BIR
- Meeting South Korea, Trump could eye new chance with North
- 25 countries suspend postal services to US over tariffs – UN
- Comelec to open nearly two-year overseas voter registration for 2028 elections
- Immigration: 1st lookout bulletin in effect on 35 individuals, including Discayas, linked to anomalous flood control projects
- Cebu Pacific to launch direct flights between Cebu and Palawan
- PH Construction Board asked to address 'accreditation for sale' scandal
