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://yamato-syokunin.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.
- Berlin urges Israel to 'immediately' improve humanitarian conditions in Gaza
- National Guard troops begin carrying weapons in US capital
- Supreme Court: It’s work as usual in judiciary
- Philippines to work more closely with US amid regional challenges
- Comelec defers BARMM district reconstitution
- US appeals court blocks Trump's use of wartime law for deportations
- DoTr seeks higher budget for 2026, requests P531B amid cuts
- Ukraine eyes defense deal with PH that includes co-production of drones, says envoy
- Quezon City hails directive for national projects to get local permits
- Marcos orders lifestyle checks on all government officials amid flood control probe
