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://aoc-nsb-ojeq-fc.705-888.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.
- Humanoid robots showcase skills at Ancient Olympia. But they're on a long road to catch up to AI
- Two dead as strong earthquake jolts Afghanistan
- Social pension eyed for indigent seniors
- PH, Australia hold live fire drills during ALON 2025 in Nueva Ecija
- China displays its weaponry in a tightly controlled military parade
- Kanlaon Volcano spews ash
- DMW, pharmaceutical firm sign agreement to boost access to medicines, hospital services for OFWs, families
- Thailand ruling party moves to dissolve parliament
- Yemen's Huthis hold funeral for PM killed in Israeli strike
- Head of main US health agency abruptly dismissed
