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.”
”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, This news data comes from:http://jm-kpxk-kif-pp.gyglfs.com
- Filipino member of AHOF K-pop group says Manila concert a dream come true
- HEADLINES: 15 drug war victims cleared to join Duterte's ICC case | Sept. 7, 2025
- IBP forms committee on good governance to probe corruption
- Malacañang calls plot to jail VP Duterte 'wild imagination'
- Ever dream of having an entry in the Guinness World Records? Here's how to do it
- LGBTQ+ Catholics make Holy Year pilgrimage to Rome and celebrate a new sense of acceptance
- Villanueva: Regularize contractual govt workers
- ChatGPT to get parental controls after teen's death
- Malabon City honors partners
- Earthquake in eastern Afghanistan kills at least 610 people and injures 1,300
