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.
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., This news data comes from:http://redcanaco.com
- Tokyo logs record 10 days of 35 C or higher
- Typhoon death toll rises in Vietnam as downed trees hamper rescuers
- Marcos declares holidays for 2026
- Lacson: Torre 'acted beyond his authority'
- 2 LPAs monitored inside PAR, bringing rain to Luzon
- 'No way' US troops can invade Venezuela, says Maduro
- Marcos names acting Ombudsman
- Super Sale: Pag-IBIG offers 40% off on foreclosed assets
- Tokyo protests to Beijing over gas field in East China Sea
- Earthquake kills 250, injures 500 in Afghanistan
