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.
Go files housing development bill, This news data comes from:http://www.gyglfs.com
- Trump rebrands Department of Defense as 'Department of War'
- Lawmaker linked to anomalous flood control projects in US for medical reasons, says House spokesman
- House starts flood control probe
- Protesters storm Discaya compound, Sotto calls for calm
- Hontiveros pushes P15,000 salary hike for teachers
- PH, Australia, Canada hold maritime drills in West Philippine Sea
- Pagasa monitors 2 LPAs inside PAR; prevailing 'habagat' brings rain across PH
- Napolcom confirms Lt. Gen. Nartatez as acting PNP chief
- Marcos declares holidays for 2026
- Comelec to open nearly two-year overseas voter registration for 2028 elections
