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://fyrqurul.redcanaco.com
- US and European officials meet to discuss new sanctions on Russia
- 'Blood Moon' to rise during total lunar eclipse Sunday night
- Legarda pushes Magna Carta of Waste Workers
- Trump withdraws Kamala Harris's Secret Service protection
- Israel flattens high-rise as it tells Gaza City residents to flee
- Robinsons to build 9-story office building in Davao City
- Applicability of zero-balance billing questioned
- Heavy rain causes flooding, landslides and 8 deaths in Vietnam and Thailand
- PH, Australia hold live fire drills during ALON 2025 in Nueva Ecija
- PH Construction Board asked to address 'accreditation for sale' scandal
