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://www.771bg.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
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- PTFOMS and CHR sign agreement to improve Filipino media workers' safety
- Senate subpoenas 8 DPWH officials, contractors in flood control probe
- Philippine forces deliver supplies and personnel to disputed South China Sea shoal despite tensions
- House party leaders want to return proposed 2026 budget to Executive
- Wawao Builders exec ‘not sure’ if company has flood control project in Bulacan
- 'Strangest' dinosaur covered in spiked armory – scientists
- Court orders Immigration to release of Global Ferronickel Chairman Joseph Sy
- Marcos lauds Alex Eala’s win in Guadalajara
- Wildfires producing 'witches' brew' of air pollution – UN
