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.aichuwei.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.”
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.
- Two foreigners face trafficking complaint in Pasay City
- Sri Lanka ex-president Wickremesinghe hospitalized after arrest
- Iran-backed Houthis raid UN offices in Yemen and detain at least 11 employees
- NKorea's Kim tells Xi hopes to 'steadily develop' ties – KCNA
- Israeli army: Gaza City now 'a dangerous combat zone'
- UP journalism professor chides Rep. Gomez over ‘media spin’ claims
- Customs finds only 2 luxury cars at contractor's compound in Pasig
- Escudero urges list of unfundable projects for 2026 budget
- Globe partners with unconnected.org to provide remote schools with sustainable internet connectivity
- Immigration: 1st lookout bulletin in effect on 35 individuals, including Discayas, linked to anomalous flood control projects
