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.
Go files housing development bill
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
Go files housing development bill
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., This news data comes from:http://www.gangzhifhm.com
- Sen. Go files bills to push health, social, and labor reforms
- Made in China? The remarkable tale of Venice's iconic winged lion
- Marcos, first lady visit Cambodia to boost ties
- HEADLINES: 15 drug war victims cleared to join Duterte's ICC case | Sept. 7, 2025
- Thailand's suspended prime minister testifies over phone call that could get her booted from job
- Afghanistan earthquake kills more than 800
- Prompt release of educational aids sought
- Kneecap to play Paris concert in defiance of objections
- India to cut taxes on hundreds of consumer goods to boost local demand following steep US tariffs
- Nepali court: Hindu holy men's nudity not obscene
