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., This news data comes from:http://www.gyglfs.com
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.”
Go files housing development bill
”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.
- DOJ issues lookout order vs Atong Ang, others over missing cockfighters
- Emma Tiglao crowned Miss Grand PH 2025
- Four children killed by parents in Dominican Republic — police
- UK's mass facial-recognition roll-out alarms rights groups
- Japan PM decides to quit as opponents seek leadership election
- Marcos opens Hyundai's shipyard in PH
- Comelec to open nearly two-year overseas voter registration for 2028 elections
- Former president Duterte's health stable despite high blood sugar, says VP Sara
- Isko files raps over demolition of sports complex
- Israeli strikes in Yemen's capital kill six, Houthis say
