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.”, This news data comes from:http://www.redcanaco.com
Go files housing development bill
”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.
- Marcos signs mining tax regime law
- 11 foreigners killed in Portugal funicular crash
- SC orders comment on petitions vs polls
- Islamic State claims deadly attack on Pakistan rally
- Thai court dismisses prime minister over compromising phone call with Cambodian leader
- Palace rejects Sara's offer of 'free advice' on flood solutions, says to give it to 'Mayor Baste' instead
- House party leaders want to return proposed 2026 budget to Executive
- LPA may still develop into short-lived tropical cyclone
- 100K Pakistanis flee amid flood threat
- WBO champ looms as Pacquiao’s next opponent
