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.
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., This news data comes from:http://lumtyqpm.erlvyiwan.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.
- Peace efforts in limbo as Kyiv mourns 23 dead
- La Niña forecast from Sept-Dec, expect more tropical cyclones, above normal rainfall -- Pagasa
- DoTr seeks higher budget for 2026, requests P531B amid cuts
- Senate subpoenas 8 DPWH officials, contractors in flood control probe
- Appointments panel holds first session
- Harold Cabreros takes post as new OCD chief
- 'Blood Moon' to rise during total lunar eclipse Sunday night
- Trump rebrands Department of Defense as 'Department of War'
- CBCP president urges Israel to stop military operations in Gaza
- House resumes budget briefings
