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://www.gangzhifhm.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.”
Go files housing development bill
”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.
- SC orders comment on petitions vs polls
- Ukraine says Russia linked to lawmaker's killing
- Pag-IBIG Fund gives occupants 10% discount to legally buy acquired homes
- Majority of Filipinos unaware of vote buying in 2025 elections, OCTA survey shows
- CFO moves office from QC to Pasay
- 'Five Eyes' ministers meet to discuss smashing people smuggling gangs, UK says
- Van Gogh Museum 'could close' without more help from Dutch govt
- Pasig police prepare charges vs protesters
- Pacifist Japan struggles to boost troops as China anxiety grows
- Public Works Chief Vince Dizon demands courtesy resignations to 'clean house'
