SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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.771bg.com
- House resolution filed to investigate 'funders' of anomalous projects
- Pacifist Japan struggles to boost troops as China anxiety grows
- Actress Angel Aquino victim of 'deepfake,' seeks prosecution of perpetrators of cyber pornography
- Mandela grandson says he will join Gaza aid boat
- ‘New NBI chief must be career official’
- Pasig fire kills child, injures mother as she tries to save him
- Sarah Discaya grilled by Senate over alleged DPWH links
- 'Ondoy'-level rains swamp Quezon City
- Public Works chief to press criminal charges against Bulacan engineer
- DoTr seeks higher budget for 2026, requests P531B amid cuts
