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.
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://ack-fna-wlng-ujlu.aichuwei.com
- Thailand acting PM moves to dissolve parliament — party
- PH economic losses hit 100B from corruption in flood control projects
- 2 policemen placed under preventive custody for allegedly molesting a female colleague in Marikina
- Roxas matriarch Judy Araneta-Roxas, 91
- No winner in Ultra, Megalotto draws for Aug 29
- House panel defers 2026 DPWH budget until agency submits changes
- 4 of 15 contractors on Marcos list have clean records – DPWH
- Kanlaon Volcano spews ash
- 'Trump Whisperer' ex-minister joins Japan PM race
- ICC wants Garma to testify in Duterte case
