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.
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.”, This news data comes from:http://bprt.052298.com
”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.
- Earthquake kills 250, injures 500 in Afghanistan
- Comelec probes 15 contractors for illegal campaign donations
- Marcos signs mining tax regime law
- Thai opposition holds kingmaking summit deciding new PM
- Laws signed on holidays, court branches
- Philippines calls for Gaza ceasefire amid humanitarian crisis
- Malacañang hits back at VP Duterte's criticism on flood scam probe
- Wildfire tears through California gold rush town
- ERC amends net-metering rules to expand renewable energy options
- Comelec: Postponed village, youth elections not in 2026 budget
