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.
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, This news data comes from:http://aichuwei.com
”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.
- No winner in lotto draws for Aug 30
- Protesters storm Discaya compound, Sotto calls for calm
- Most Filipinos distrust China, see it as biggest threat — OCTA survey
- Typhoon death toll rises in Vietnam as downed trees hamper rescuers
- A tale of two cities: San Mateo rejects Manila's trash; Rizal opens landfill to Malabon
- Chinese tourist city Sanya shuts down as typhoon intensifies
- Discaya companies' licenses revoked for bid-rigging
- UN food agency chief says women and children are starving in Gaza and pressed Netanyahu on aid
- Marcos declares holidays for 2026
- Xi says China 'unstoppable' in parade opening speech
