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://www.gangzhifhm.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.
Go files housing development bill
- Humanoid robots showcase skills at Ancient Olympia. But they're on a long road to catch up to AI
- Thai court to rule on PM's fate after Hun Sen call leak
- Mexican senators come to blows after heated debate
- HEADLINES: 15 drug war victims cleared to join Duterte's ICC case | Sept. 7, 2025
- House resumes budget briefings
- Filipino weightlifter Vanessa Sarno banned for 2 years for anti-doping violation
- 'Mockery of science': US experts blast Trump climate report
- ‘Lannie’ to bring rain over NLuzon, southwest monsoon to affect Metro Manila, Calabarzon, Mimaropa —Pagasa
- Thailand ruling party moves to dissolve parliament
- Tensions soar in Indonesia as protests over police brutality and lawmakers' allowances continue
