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://ofukl.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.”
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.
- Pagasa: Trough of LPA, 'habagat' will bring rain, thunderstorms across PH
- Marcos signs mining tax regime law
- Washington makes military aid overtures to Sahel juntas
- Putin meets Kim, praises North Korean troops in Russia
- Trump hails Department of War rebrand as 'message of victory'
- In Taiwan, competing narratives over the meaning of China's massive military show
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- House panel defers 2026 DPWH budget until agency submits changes
- Most Filipinos distrust China, see it as biggest threat — OCTA survey
- Pagasa sees two to four tropical cyclones hitting Philippines in September
