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., This news data comes from:http://ehxoeco.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.
Go files housing development bill
- PH Defense chief slammed for 'bad mouthing' China
- Alex Eala makes history With comeback victory at US Open
- P270M rock shed useless – Marcos
- Court orders Immigration to release of Global Ferronickel Chairman Joseph Sy
- Filipino member of AHOP K-pop group says Manila concert a dream come true
- DFA: No US extradition request for Quiboloy
- Sotto willing to testify in Senate probe of flood control anomalies if summoned
- Workers urge Marcos to stop corruption by banning political dynasties
- 'Perfect storm': UK fishermen reel from octopus invasion
- DoTr seeks higher budget for 2026, requests P531B amid cuts
