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://xgsf-ara-rf-yw.aichuwei.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.
- NBI starts own inquiry of DPWH contracts
- Modi, Ishiba agree to boost economic ties
- Senate subpoenas 8 DPWH officials, contractors in flood control probe
- House justice panel to probe US' extradition request for Quiboloy
- EU massive fine against Google draws Trump’s ire
- Mob burns Nigerian woman to death over Islam blasphemy claim — police
- Thailand’s next PM reaffirms fresh polls promise
- House party leaders want to return proposed 2026 budget to Executive
- SpaceX cancels Starship megarocket launch
- ERC amends net-metering rules to expand renewable energy options
