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.”, This news data comes from:http://www.771bg.com
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.
- Marcos opens WorldSkills Asean competition
- 102-year-old becomes oldest person to summit Mount Fuji
- Oil firms to raise fuel prices this week
- Duterte Youth brings Comelec cancelation battle to Supreme Court
- UK, Japan, South Korea endure hottest summer on record
- HEADLINES: Lacson: DPWH exec sought ‘insertions’ | Sept. 8, 2025
- ERC amends net-metering rules to expand renewable energy options
- Government work, classes on Tuesday suspended due to bad weather
- Gasoline, diesel prices to increase by P1 next week
- Filipino priest wins Ramon Magsaysay Award for activism against Duterte's drug war
