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.”, This news data comes from:http://db-nyk-lpt-byh.aichuwei.com
”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
- Made in China? The remarkable tale of Venice's iconic winged lion
- Sen. Go files bills to push health, social, and labor reforms
- North Korean leader inspects new missile factory ahead of visit to China
- Jollibee, DepEd partner to develop quick service restaurant curriculum for senior high
- Pope Leo meets LGBTQ+ Catholic advocate and vows continuity with Pope Francis' legacy of welcome
- Wildfires producing 'witches' brew' of air pollution – UN
- Comelec to resume BARMM polls ballot printing Thursday
- Indonesia's delayed new capital risks 'white elephant' status
- Escudero urges list of unfundable projects for 2026 budget
- US and European officials meet to discuss new sanctions on Russia
