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., This news data comes from:http://www.771bg.com
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.
- DPWH Secretary Dizon orders perpetual ban of Wawao Builders, Syms Construction for ghost projects
- Guyana votes amid oil boom, Venezuela tensions
- Discaya companies' licenses revoked for bid-rigging
- UK refuses to invite Israeli government officials to London arms fair over the war in Gaza
- Marcos signs law giving 99-year land lease to foreign investors
- Comelec to open nearly two-year overseas voter registration for 2028 elections
- Pangilinan urges Marcos Jr. to prioritize bill aiding farmers, fishermen
- Palace suspends govt work, classes in several areas due to bad weather
- ICC clears applications of 15 drug war victims to join proceedings vs Duterte
- House panel defers 2026 DPWH budget until agency submit changes
