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://lunp-ett-fdm-fug.gangzhifhm.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.”
”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
- Villanueva: Regularize contractual govt workers
- ‘God’s Influencer’ to become first millennial saint
- SpaceX scrubs latest Starship launch due to bad weather
- Pakistanis no reprieve from floods yet
- 40% of Filipinos are now obese, says Health expert
- New judge to handle Dengvaxia cases named; hearing set
- Recto: No exemption for US tech firms from digital tax
- South Korean President vows support to Koreans arrested in US immigration raid
- House panel defers 2026 DPWH budget until agency submit changes
- 'Pink and green' protests call for a reset in Indonesia
