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.
Go files housing development bill, This news data comes from:http://www.erlvyiwan.com
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
- 102-year-old becomes oldest person to summit Mount Fuji
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
- DPWH opens foreign-assisted projects to LGUs
- Marcos thumbs down return of proposed 2026 budget to Malacañang
- House starts flood control probe
- LTO told to summon 2 DPWH engineers with fake driver’s license
- Nepali court: Hindu holy men's nudity not obscene
- Woman accused of murdering her children faces New Zealand trial
- Construction managers, developers back Housing chief's anti-corruption advocacy
- Some areas in Metro Manila, Bulacan to have brownouts due to maintenance work
