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://ogcrfh.jyxingfa.com
Go files housing development bill
- Portugal mourns after Lisbon streetcar accident kills 15
- NKorea's Kim tells Xi hopes to 'steadily develop' ties – KCNA
- PH to see ‘blood moon’ Sept. 7-8
- Marikina City chief of police relieved
- PH doesn't recognize Taiwan as sovereign state, stands by 'One China Policy' -- Foreign Affairs chief
- Surfacing of WPS features ‘likely’ natural occurrence, not due to dumped crushed corals
- Marcos orders full budget review for DPWH amid ghost projects scandal
- Undersea cables cut in the Red Sea, disrupting internet access in Asia and the Mideast
- A summit and parade in China may signal a geopolitical shift
- Sara’s claims that corruption probe could be done in one day 'absolutely preposterous' – Palace
