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.”
”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://www.yamato-syokunin.com
- Trump withdraws Kamala Harris's Secret Service protection
- Over 800 killed as quake rocks Afghanistan
- Majority of Filipinos unaware of vote buying in 2025 elections, OCTA survey shows
- PNP chief supports lowering age of discernment
- SEARCH WARRANT
- Court orders Immigration to release of Global Ferronickel Chairman Joseph Sy
- Philippine forces deliver supplies and personnel to disputed South China Sea shoal despite tensions
- House resolution filed to investigate 'funders' of anomalous projects
- DPWH chief rejects calls to resign as he vows to probe corruption in flood control projects
- Tensions soar in Indonesia as protests over police brutality and lawmakers' allowances continue
