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., This news data comes from:http://vcyf-maoy-bl-ngr.052298.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.”
Go files housing development bill
”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.
- SpaceX scrubs latest Starship launch due to bad weather
- HEADLINES: 15 drug war victims cleared to join Duterte's ICC case | Sept. 7, 2025
- 2 policemen placed under preventive custody for allegedly molesting a female colleague in Marikina
- Harold Cabreros takes post as new OCD chief
- MMDA inks deal with DBM for G-3 program
- NACC renews appeal: Adopt neglected kids
- Israel flattens high-rise as it tells Gaza City residents to flee
- Marcos says commission on DPWH anomalies to be finalized 'very soon,' mum on Magalong participation
- Plea written in blood saves Chinese woman trapped in locked room
- PH, Japan conduct search and rescue exercises
