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://gyglfs.com
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
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.
- PH eyes global partners in biggest railway project
- Repairs on Chinese ship in Bajo de Masinloc collision may take 2 months - PH Navy
- Lacson: House can't return proposed 2026 budget to Palace
- DPWH Secretary Dizon vows to slash 'staggering' P268B flood control budget
- Senate subpoenas 8 DPWH officials, contractors in flood control probe
- Eala writes another historic chapter in Philippine tennis
- Tokyo logs record 10 days of 35 C or higher
- Supreme Court urged to act on fake complaints
- Israeli army: Gaza City now 'a dangerous combat zone'
- Labubu fans flock to stores after launch of mini dolls
