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://gangzhifhm.com
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.”
Go files housing development bill
”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.
- DPWH Secretary Dizon vows to slash 'staggering' P268B flood control budget
- Majority of Filipinos unaware of vote buying in 2025 elections, OCTA survey shows
- Palace: Govt monitoring Chinese sleeper agents, PLA presence in PH
- India's Modi meets Japan's Ishiba as he begins Asia tour
- Sara Discaya admits owning 28 luxury cars
- India to cut taxes on hundreds of consumer goods to boost local demand following steep US tariffs
- DFA: No US extradition request for Quiboloy
- Filipino member of AHOF K-pop group says Manila concert a dream come true
- PH economic losses hit 100B from corruption in flood control projects
- Nartatez relieves Fajardo as PNP spokesman
