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://jyxingfa.com
- Modi and Putin affirm special relationship as India faces steep US tariffs over Russian oil imports
- Malabon shifts garbage disposal to Rizal landfill after Navotas closure
- Mob burns Nigerian woman to death over Islam blasphemy claim — police
- Customs recovers 10 more Discaya luxury cars
- UN food agency chief says women and children are starving in Gaza and pressed Netanyahu on aid
- SEARCH WARRANT
- 15 companies vie for 'Sustainability Champions' award
- ChatGPT to get parental controls after teen's death
- House party leaders want to return proposed 2026 budget to Executive
- Seoul says over 300 South Koreans held in US battery plant site raid
