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://qvr-kpir-ow-df.gangzhifhm.com
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.
- Two dead as strong earthquake jolts Afghanistan
- HEADLINES: 15 drug war victims cleared to join Duterte's ICC case | Sept. 7, 2025
- Australia halts logging for koala haven on eastern coast
- Trump hails Department of War rebrand as 'message of victory'
- DPWH engineer denies role in Bulacan flood control ‘ghost projects’
- No winner in Ultra, Megalotto draws for Sept 5
- The rot goes deep: Marcos decries decades-old corruption
- Thai court to rule on PM's fate after Hun Sen call leak
- 1.2K pass Electrical Engineers exam
- Hawaii's Kilauea volcano erupts with lava pouring out from multiple vents
