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.
Go files housing development bill
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
Go files housing development bill
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://gyglfs.com
- Oil firms to hike pump prices Tuesday
- Marcos signs law giving 99-year land lease to foreign investors
- Yemen's Huthis hold funeral for PM killed in Israeli strike
- India's Modi seeks closer ties on Asia tour to offset US tariff fallout
- India will not 'bow down,' trade minister says after US tariffs
- NHA gives cash aid to families affected by calamity in Manila
- Indonesia turns down ear-splitting 'haram' street parties
- Metro Manila disaster agencies expand response areas in preparation for 'Big One'
- Malaysia warns TikTok vs cyberbullying, deepfakes
- House party leaders want to return proposed 2026 budget to Executive
