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://qvlqeufu.ycyzqzxyh.com
- Bersamin letter proves Torre reassignments ‘valid’
- Escudero urges list of unfundable projects for 2026 budget
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- Retired NBI agents urge Marcos to appoint career official to replace Santiago
- Marcos signs laws declaring holidays across PH
- Appointments panel holds first session
- Social pension eyed for indigent seniors
- LPA affects Metro Manila, Mindanao, Visayas
- An AI simulation of a Mount Fuji eruption is being used to prepare Tokyo for the worst
- Marcos lauds Alex Eala’s win in Guadalajara
