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.
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.”, This news data comes from:http://www.aichuwei.com
”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
- UK, Japan, South Korea endure hottest summer on record
- Fire breaks out in Manila residential area
- Gomez-Estoesta named court administrator by Supreme Court
- Malabon averts crisis with garbage deal
- Laws signed on holidays, court branches
- Two foreigners face trafficking complaint in Pasay City
- Rise in HFMD cases due to better reporting, not outbreak
- US approves .5M in assistance to Nigeria to help address hunger
- Lawmaker linked to anomalous flood control projects in US for medical reasons, says House spokesman
- India warns Pakistan of more cross-border flooding due to heavy monsoon rains
