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://gangzhifhm.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.
- Modi and Putin affirm special relationship as India faces steep US tariffs over Russian oil imports
- Monsoon rains flood Mandaluyong, Parañaque — MMDA
- Trump plans a hefty tax on imported drugs, risking higher prices and shortages
- Modi reaffirms India's support for Ukraine peace settlement during call with Zelenskyy
- Taiwan, China locked in historical word war
- Pump prices increase for 2nd straight week
- Japan PM decides to quit as opponents seek leadership election: reports
- SpaceX cancels Starship megarocket launch in latest setback
- Berlin urges Israel to 'immediately' improve humanitarian conditions in Gaza
- Marcos urged to raise WPS resolution at UN
