SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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://052298.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.
- Budget shortfall narrows in July
- LPA east of Surigao del Sur may intensify into tropical depression
- Israel tells residents to leave Gaza City ahead of offensive
- Comelec: Postponed village, youth elections not in 2026 budget
- Chinese tourist city Sanya shuts down as typhoon intensifies
- PH Defense chief slammed for 'bad mouthing' China
- Malacañang hits back at VP Duterte's criticism on flood scam probe
- Marcos urged to raise WPS resolution at UN
- 'Lannie' exits PH — Pagasa
- Putin lands in Tianjin for summit hosted by China
