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., This news data comes from:http://mrp-cben-re-ad.erlvyiwan.com
- ChatGPT to get parental controls after teen's death
- India to cut taxes on hundreds of consumer goods to boost local demand following steep US tariffs
- Marcos signs mining tax regime law
- Supreme Court: It’s work as usual in judiciary
- No winner in lotto draws for Aug 28
- Manila mayor warns against mobs, orders police to maintain peace and order
- BIR to audit contractors flagged for ghost flood projects for tax fraud — BIR
- Thailand’s next PM reaffirms fresh polls promise
- Xi and Putin round on West at regional summit in China
- Support grows for independent probe into flood control projects
