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://052298.com
Go files housing development bill
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.
- Sri Lanka's jailed ex-president Wickremesinghe granted bail
- Zelenskyy seeks talks with Trump and European leaders on slow progress of peace efforts with Russia
- China criticizes Canadian, Australian warships transiting Taiwan Strait
- DILG suspends classes, gov’t work in 17 areas
- Marcos declares holidays for 2026
- Manila marks National Heroes Day with job fair
- Marcos, first lady visit Cambodia to boost ties
- Follow the trucks: Why investors are looking south of Metro Manila
- Metro Manila disaster agencies expand response areas in preparation for 'Big One'
- Marcos signs law giving 99-year land lease to foreign investors
