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., This news data comes from:http://fghfec.jyxingfa.com
Go files housing development bill
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.
- Private groups back DHSUD chief's anti-corruption policy
- Hope dwindles for survivors days after deadly Afghan quake
- Bersamin letter proves Torre reassignments ‘valid’
- Israeli protesters call for hostage deal ahead of cabinet meeting
- DSWD's guarantee letters now accepted in more establishments
- Marcos declares holidays for 2026
- UN force in Lebanon slams Israeli drone attack on peacekeepers
- Supreme Court censures Marikina judge over parking dispute with PAO lawyer
- Earthquake in eastern Afghanistan kills at least 610 people and injures 1,300
- Putin tells Xi China-Russia ties are at 'unprecedented level'
