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.yamato-syokunin.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.
- President Marcos commits to boosting PH digital infrastructure
- HEADLINES: Lacson: DPWH exec sought ‘insertions’ | Sept. 8, 2025
- More funding sought for sports commission
- Pump prices go up
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- China 'unstoppable', says Xi with Kim, Putin at his side
- Diokno urges Philippines to rejoin ICC to counter China's aggression
- Inflation up 1.5% in August
- Repairs on Chinese ship in Bajo de Masinloc collision may take 2 months - PH Navy
- Alex Eala makes history With comeback victory at US Open
