SOME 9.3 million poor Filipino households will soon receive P1,000 as the Marcos Jr. administration plans to extend the government’s Targeted Cash Transfer (TCT) program aimed at mitigating the impact of rising costs of goods and services.
Finance Secretary Benjamin E. Diokno said the Executive department has now identified the funding sources to bankroll the P9.3 billion in cash transfers to the country’s “poorest of the poor.”
The TCT program will be extended for two months and shall start “soon” as it is just awaiting the announcement from Malacañang, Diokno said.
Instead of P500, the program will now give the beneficiaries P1,000.
“This will be different from the 4Ps (Pantawid Pamilyang Pilipino Program). Sometimes even if you are part of the 4Ps you will still be included in this program,” Diokno told reporters on the sidelines of the annual Reception for the Banking Community on Friday night.
“We have identified the funding source. We are just waiting for the announcement from the Palace,” Diokno added.
The TCT program ended last December 31, 2022 with 9.2-million Filipino households benefitting from the monthly P500 cash aid meant to help poor households cope with the economic impact of the Ukraine-Russia war.
The cash aid program, which was initiated by the previous administration, distributed a total of P18.2 billion, with the last payouts being given last January 4 to 14.
“The TCT program intended to alleviate the initial shocks caused by high fuel prices on the most vulnerable households. Now that our economy is recovering strongly and world oil prices are gradually stabilizing, we are shifting our focus towards ensuring food security to control inflation,” Diokno said in an earlier statement.
The implementation and oversight of the TCT program were carried out by an Interagency Committee (IAC), chaired by the Department of Finance (DOF) and co-chaired by the Department of Social Welfare and Development (DSWD), with the Department of Budget and Management (DBM), National Economic and Development Authority (NEDA), Bureau of the Treasury (BTr), and Land Bank of the Philippines (LBP) as members.
The Finance department earlier disclosed that the national government will extend targeted subsidies to specific sectors of the economy that are affected by the “elevated” inflationary pressures as official inflation data showed the January print accelerating to 8.7 percent, the highest since 2008.
Related story: https://businessmirror.com.ph/2023/02/08/ng-eyes-targeted-subsidies-imee-floats-petrol-vat-halt/