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://gyglfs.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.
- Classes suspended in 10 Metro Manila cities due to rains
- Globe: Mobile data helps drive national progress
- Gasoline, diesel prices to increase again next week
- Marcos signs laws declaring holidays across PH
- Inoue says taunts 'missed the target' ahead of world title clash
- Students, faculty file complaint against Universidad de Manila president
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- Discaya says her family owns nine companies
- Marcos orders 'sweeping review' of DPWH budget under 2026 NEP
- US senators to reinforce 'partnership' with Taiwan
