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
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.
Go files housing development bill, This news data comes from:http://www.aichuwei.com
- Xi meets Modi as China and India seek to rebuild ties
- Hawaii's Kilauea volcano erupts with lava pouring out from multiple vents
- 25 countries suspend postal services to US over tariffs – UN
- Pacifist Japan struggles to boost troops as China anxiety grows
- Trump health misinformation swirls despite denial
- ChatGPT to get parental controls after teen's death
- 'Mockery of science': US experts blast Trump climate report
- PNP chief supports lowering age of discernment
- Indonesia's delayed new capital risks 'white elephant' status
- Emma Tiglao crowned Miss Grand PH 2025
