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://www.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.”
Go files housing development bill
”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
- Russian drone, missile attack kills 14, injured 48 in Kyiv
- 15 drug war victims cleared to join Duterte's ICC case
- Pagasa: Trough of LPA, 'habagat' will bring rain, thunderstorms across PH
- Marcos signs laws declaring holidays across PH
- HEADLINES: 15 drug war victims cleared to join Duterte's ICC case | Sept. 7, 2025
- India will not 'bow down,' trade minister says after US tariffs
- New DPWH chief Dizon: "A department can't investigate itself"
- Israel expects 1 million Gazans to flee new offensive
- Marcos orders 'sweeping review' of DPWH budget under 2026 NEP
- Prince Harry to visit UK on anniversary of queen's death
