SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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., This news data comes from:http://ikwmg.771bg.com
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.
- Australia expels Iran ambassador over antisemitic attacks
- Marcos soon to create commission to probe flood control projects
- Harold Cabreros takes post as new OCD chief
- House justice panel to probe US' extradition request for Quiboloy
- COA flags fraud in P342M Bulacan flood control projects
- San Juan commemorates first revolution under Spanish rule in 129th Araw ng Pinaglabanan
- US Spirit Airlines files for bankruptcy again
- Recto: No exemption for US tech firms from digital tax
- Court orders Immigration to release of Global Ferronickel Chairman Joseph Sy
- Comelec: Postponed village, youth elections not in 2026 budget
