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://dq-oqe-lmt-pgq.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.
- Zelenskyy seeks talks with Trump and European leaders on slow progress of peace efforts with Russia
- Wife and ally of ousted SKorean president indicted by special prosecutors
- Marcos orders lifestyle check on all govt officials amid flood projects probe
- Marikina City chief of police relieved
- House suspends DPWH budget deliberations pending submission of changes by agency, DBM
- Angkas supports DICT's amnesty program for unregistered delivery services
- Nepali court: Hindu holy men's nudity not obscene
- NATO members to reach 2% defense spending goal this year
- House panel defers 2026 DPWH budget until agency submit changes
- Xi slams 'bullying' in speech to regional leaders at summit
