SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://aichuwei.com
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.”
”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.
Go files housing development bill
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- One in four people lack access to safe drinking water – UN
- Escudero urges list of unfundable projects for 2026 budget
- Hontiveros pushes P15,000 salary hike for teachers
- President Marcos Jr. visits Cambodia to strengthen ties
- House party leaders want to return proposed 2026 budget to Executive
- Denmark summons US envoy over 'attempts to influence' Greenland
- Task force cites new threats to media workers
- Read to reduce sentence, Uzbekistan tells prisoners
- Comelec defers BARMM district reconstitution
