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., This news data comes from:http://www.052298.com
Go files housing development bill
- Court rules on subdivision open spaces, road lots
- PH, Australia commend ‘impressive’ joint sea drills
- Opponents of Japan PM seek leadership contest
- Heavy rains flood parts of Metro Manila anew
- Estrada, Villanueva tagged in House flood control mess, says SOP was '30%'
- President Marcos launches HD Hyundai Shipyard in Subic
- Monsoon rains flood Mandaluyong, Parañaque — MMDA
- Marcos thumbs down return of proposed 2026 budget to Malacañang
- PAL plane bound for Osaka returns to Manila due to 'emergency' situation
- Nartatez rules out 'quota' arrests
