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.
Go files housing development bill, This news data comes from:http://705-888.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
- PH to host seafarers’ welfare forum
- House panel defers 2026 DPWH budget until agency submits changes
- US approves .5M in assistance to Nigeria to help address hunger
- Thailand ruling party moves to dissolve parliament
- CFO office moves from Quezon City to Pasay
- Govt debt swells to record P17.58T
- Trump issues rare rebuke to Netanyahu over Qatar strikes
- Nartatez rules out 'quota' arrests
- North Korea's Kim Jong Un travels to Beijing to watch military parade alongside Putin, Xi Jinping
- Oil firms to raise fuel prices this week
