SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://bggs-lyw-hi-nrur.771bg.com
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.
- Former president Duterte's health stable despite high blood sugar, says VP Sara
- Modi: India, Japan to 'shape the Asian century'
- 'Mockery of science': US experts blast Trump climate report
- EU massive fine against Google draws Trump’s ire
- Trump moves to end US tariff exemption for small packages
- India warns Pakistan of more cross-border flooding due to heavy monsoon rains
- Comelec: Postponed village, youth elections not in 2026 budget
- US senators to reinforce 'partnership' with Taiwan
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
- Napolcom welcomes Nartatez’s move to recall Torre’s reassignments
