SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://jyxingfa.com
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.
Go files housing development bill
- Pakistanis no reprieve from floods yet
- Recto: No exemption for US tech firms from digital tax
- Scramble for survivors as Afghan earthquake death toll passes 1,400
- Some areas in Metro Manila, 5 provinces to have power interruptions due to maintenance works
- Palace rejects China's 'troublemaker' tag
- Discaya names lawmakers in ‘extortion’
- 25 countries suspend postal services to US over tariffs – UN
- Palace slams Discaya couple's denial in Film Heritage Building debacle
- Thailand’s next PM reaffirms fresh polls promise
- Typhoon death toll rises in Vietnam as downed trees hamper rescuers
