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.
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, This news data comes from:http://tt.gyglfs.com
- La Niña forecast from Sept-Dec, expect more tropical cyclones, above normal rainfall -- Pagasa
- Malabon City honors partners
- Escudero urges list of unfundable projects for 2026 budget
- LTO summons driver who berated enforcer
- No winner in Ultra, Megalotto draws for Aug 29
- Wife and ally of ousted SKorean president indicted by special prosecutors
- Lookout bulletins out vs Atong Ang, Barretto
- Pagasa sees two to four tropical cyclones hitting Philippines in September
- Tourists dice with danger on Hanoi's train street
- New Quezon City judge to oversee Dengvaxia vaccine cases, sets hearing
