Connect with us

Hi, what are you looking for?

News

Gov’t releases P18.3B for cash transfer program

Residents receive cash aid from the government in this file photo. — PHILIPPINE STAR/EDD GUMBAN

THE GOVERNMENT released a total of P18.3 billion in subsidies to about 9.2 million household beneficiaries as part of its targeted cash transfer (TCT) program, according to the Department of Finance (DoF).

“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,” Finance Secretary Benjamin E. Diokno said in a statement on Monday.

Under the program, the government granted cash payments for poor households amounting to P500 per month for six months.

The program, which was launched in June last year under President Rodrigo R. Duterte’s administration, was aimed at mitigating the impact of rising fuel prices and commodities on the most vulnerable households. It expired on Dec. 31, 2022.

The last payout of obligated subsidies was distributed between Jan. 4 to Jan. 14 this year.

The program initially targeted 12.4 million beneficiaries, such as low-income households who were previously beneficiaries under the Pantawid Pamilyang Pilipino Program (4Ps) as well as some former recipients of the unconditional cash transfer program.

State-owned Land Bank of the Philippines was responsible for distributing the cash subsidy through various mediums, including cash cards, other banks, electronic money issuers, and remittance centers. — Luisa Maria Jacinta C. Jocson

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> Ava Whetstone-Magee, the founder of Avalanche Equestrian talks about the lightbulb moment which led her to start her business at the age...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The exodus of workers from the jobs market over the pandemic has weakened prospects for Britain’s economic growth, the governor of...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Will Polston, talks to Business Matters about how helping ambitious owners to maximise their potential has resulted in him becoming a finalist...

News

Elon Musk talks about his company’s Starlink project at the Mobile World Congress, Barcelona, Spain, June 30, 2021. — BRISA PALOMAR / PACIFIC PRESS/SIPA...

News

PHILSTAR FILE PHOTO The National Economic and Development Authority (NEDA) has approved seven “high-impact” projects, ranging from agriculture to transportation, the agency’s top official...

News

Television (TV) advertising is shifting toward addressable TV, a service that allows advertisers to show different ads to different audiences watching the same program,...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.