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.
Go files housing development bill, This news data comes from:http://www.redcanaco.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.
- Indonesia protests put spotlight on paramilitary police force
- Putin vows not to back down in Ukraine
- Sen. Pangilinan Advocates for Credit-Worthy Farmers to Boost Agriculture Sector
- Mexican senators come to blows after heated debate
- Indonesian finance minister's home looted as protest anger grows
- Trump says he wants to meet North Korea's Kim again
- DPWH engineer denies role in Bulacan flood control ‘ghost projects’
- Repairs on Chinese ship in Bajo de Masinloc collision may take 2 months - PH Navy
- Comelec: Postponed village, youth elections not in 2026 budget
- Israel launches new spy satellite in 'message' to enemies
