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.
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://gq.jyxingfa.com
Go files housing development bill
- Israel tells residents to leave Gaza City ahead of offensive
- Discaya’s construction companies competed against each other during biddings
- Trump escalates crackdown threats with Chicago 'war' warning
- PH’s newest warship arrives in Manila, joins BRP Jose Rizal, BRP Gabriela Silang
- Lacson: House can't return proposed 2026 budget to Palace
- Sotto willing to testify in Senate probe of flood control anomalies if summoned
- Corruption crackdown: VP Sara Duterte, lawmakers call for deeper probe into government
- Ukraine eyes defense deal with PH that includes co-production of drones, says envoy
- Task force cites new threats to media workers
- Heavy rain causes flooding, landslides and 8 deaths in Vietnam and Thailand
