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.
Go files housing development bill, This news data comes from:http://whofwcc.aichuwei.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.
- Israel army urges Gaza City residents to leave
- US approves .5M in assistance to Nigeria to help address hunger
- Lacson: House can't return proposed 2026 budget to Palace
- India will not 'bow down,' trade minister says after US tariffs
- Trump plans a hefty tax on imported drugs, risking higher prices and shortages
- 9 dead in Ecuador after bus plunges into ravine
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- Filipino fulfills dream of performing with K-pop group before home fans
- Marcos opens Hyundai's shipyard in PH
- Denmark summons US envoy over 'attempts to influence' Greenland
