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://ycn.771bg.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.
- Discaya names lawmakers in ‘extortion’
- Afghanistan earthquake kills more than 800
- Trump moves to limit US stays of students, journalists
- Duterte defense files more motions challenging ICC prosecutor
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- House party leaders want to return proposed 2026 budget to Executive
- The rot goes deep: Marcos decries decades-old corruption
- Customs recovers 10 more Discaya luxury cars
- Marcos orders 'sweeping review' of DPWH budget under 2026 NEP
- South Korean President vows support to Koreans arrested in US immigration raid
