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., This news data comes from:http://wxxemwb.ycyzqzxyh.com
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
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
- AFP: It would take more than a tugboat to tow BRP Sierra Madre from Ayungin Shoal
- Mexican boxer Chavez Jr. released from prison pending trial
- Drug war whistleblower Royina Garma returns to PH after US detention
- Marcos declares holidays for 2026
- DPWH chief rejects calls to resign as he vows to probe corruption in flood control projects
- India will not 'bow down,' trade minister says after US tariffs
- Nartatez vows fair assignments, better resource management as new PNP chief
- DILG to roll out nationwide unified 911 hotline on Sept. 11
- Xi says China 'unstoppable' in parade opening speech
