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.
Go files housing development bill, This news data comes from:http://gyglfs.com
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.
- President Marcos commits to boosting PH digital infrastructure
- Gomez-Estoesta named court administrator by Supreme Court
- Marcos says commission on DPWH anomalies to be finalized 'very soon,' mum on Magalong participation
- Go files housing development bill
- SpaceX scrubs latest Starship launch due to bad weather
- IBP to form good governance panel
- Vico Sotto could challenge VP Sara in 2028 race – survey
- Australia to tackle deepfake nudes, online stalking
- White House fires US health agency head after she refused to quit
- Napoles gets 55 years for another ‘pork’ case
