SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill, This news data comes from:http://www.gyglfs.com
Go said the measure aims to meet the country’s growing social housing demands, particularly among underprivileged and homeless citizens.
Go files housing development bill
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.
- National Guard troops begin carrying weapons in US capital
- Police brutality fuels soaring tensions in Indonesia
- Zelenskyy seeks talks with Trump and European leaders on slow progress of peace efforts with Russia
- Xi and Putin's hot mic moment: How long will science extend the human life span?
- House panel defers 2026 DPWH budget until agency submits changes
- LPA has big chance of intensifying into tropical cyclone to be named ‘Kiko’
- Philippines presses call for ceasefire in Gaza
- DFA: No US extradition request for Quiboloy
- Sara says govt corruption probe a 'zarzuela,' plans to meet Robredo im Bicol festival
- Marcos names acting Ombudsman
