Government releases P4.13B for cash transfer program

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PHILIPPINE STAR/EDD GUMBAN

The second tranche of the Targeted Cash Transfer (TCT) program has been disbursed to the Department of Social Welfare and Development (DSWD) for distribution, the Departments of Finance (DoF) and Budget and Management (DBM) said. .

The program aims to address the impact of rising prices on vulnerable households, according to statements released by the two departments.

A special allowance release order in the amount of 4.13 billion pesos was approved on Monday after a request from the DoF, the DBM said.

“The economics team made sure we had enough resources to provide targeted assistance to the most vulnerable households and sectors. This targeted cash transfer program, proposed by the previous administration, will be continued by this government as rising fuel prices remain a burden on their daily lives,” Finance Secretary Benjamin E. Diokno said in the DoF statement. .

The budget allocation for the second tranche will be distributed to over four million beneficiaries identified by DSWD, with each non-Pantawid Pamilyang Pilipino Program (4Ps) beneficiary receiving P500 per month for two months.

The DSWD recently released its Listahanan survey, which recognized 5.59 million Filipino families as the “poorest of the poor”.

This will be the basis for the new list of beneficiaries that will replace the 1.3 million former 4P beneficiaries who are now classified as ‘non-poor’ as opposed to ‘very poor’.

“This is good news, especially for the most vulnerable households, who will be the beneficiaries of the second tranche of the TCT programme. It is our compatriots who are the most affected by the rising prices of gasoline and other goods. We want them to know and feel that their government is there for them. We are ready to help them,” said Budget Secretary Amenah F. Pangandaman.

A Business world A poll of 14 economists last week gave a median estimate of 6.2% for headline inflation in July, down from 6.1% in June, which was approaching a four-year high.

Pump prices for diesel, gasoline and kerosene rose by P32.95, P18.90 and P28.05, respectively, from the start of the year to July 26, according to the Ministry of Energy. ‘Energy.

In June, DSWD distributed the first installment of TCT cash assistance to 1.2 million households. The subsidy amounted to 500 pesos per month for six months.

The first tranche of the TCT included those who had existing payment cards and were enrolled in the 4P, as well as some former beneficiaries of the unconditional cash transfer program between 2018 and 2020.

The state-owned Land Bank of the Philippines (LANDBANK) is responsible for distributing the cash grant through various means, including payment cards, other banks, e-money issuers, and payment centers. delivery.

LANDBANK announced in early July that it had provided P3.8 billion in cash assistance to 3.8 million households.

On Monday, the DBM also released 8.05 billion pesos in subsidies to rice farmers for distribution by the Ministry of Agriculture in the third and fourth quarters.

The subsidy is intended for 1.56 million farmers, who will each receive 5,000 pula. — Diego Gabriel C.Robles

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