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://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.
- Russia hits seat of Ukraine government in war's biggest air attack
- Majority of Filipinos unaware of vote buying in 2025 elections, OCTA survey shows
- Diokno urges Philippines to rejoin ICC to counter China's aggression
- Trump move to cut more foreign aid risking shutdown
- Legarda pushes Magna Carta of Waste Workers
- 4 policemen linked to sabungero case slapped with more administrative cases
- Thai opposition's kingmaking summit fails to back new PM
- New Zealand to allow some wealthy foreign investors onto property market
- Comelec defers BARMM district reconstitution
- India to probe giant zoo run by son of Asia's richest person
