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://lpwxpb.jyxingfa.com
- DOJ issues lookout order vs Atong Ang, others over missing cockfighters
- VP Sara lauds Filipino heroes
- Firefighters arrested by US immigration officials
- Sara Duterte calls DPWH flood control Inquiry a 'Zarzuela'
- Nartatez vows fair assignments, better resource management as new PNP chief
- Trump to blacklist countries for imprisoning Americans
- Trump threatens Russia with sanctions after biggest aerial attack on Ukraine
- WBO champ looms as Pacquiao’s next opponent
- Comelec probes 15 contractors for illegal campaign donations
- Escudero urges list of unfundable projects for 2026 budget
