Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Gov’t releases P4.13B for cash transfer program

by
August 2, 2022
in Investing News
0
Gov’t releases P4.13B for cash transfer program
0
SHARES
20
VIEWS
Share on FacebookShare on Twitter
PHILIPPINE STAR/ EDD GUMBAN

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

The program is intended to address the impact of rising prices on vulnerable households, according to statements issued by both departments.

A Special Allotment Release Order amounting to P4.13 billion was approved on Monday after a request from the DoF, the DBM said.

“The economic team has made sure that we have 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 to their daily lives,” Finance Secretary Benjamin E. Diokno said in the DoF statement.

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

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

This will be the basis for the new list of beneficiaries that will replace the 1.3 million former 4Ps recipients 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 Program. These are our countrymen who are mostly affected by the rising costs of gasoline and other goods. We want them to know and feel that their government is here for them. We are ready to help them,” Budget Secretary Amenah F. Pangandaman said.

A BusinessWorld poll of 14 economists last week yielded a median estimate of 6.2% for July headline inflation, against the 6.1% reading in June, which was approaching a four-year high.

Pump prices of diesel, gasoline, and kerosene have risen by P32.95, P18.90, and P28.05, respectively, from the start of the year to July 26, according to the Department of Energy.

In June, the DSWD distributed the first tranche of TCT cash aid to an initial 1.2 million households. The subsidy amounted to P500 per month for six months.

The first tranche of the TCT included those with existing cash cards and registered for the 4Ps, as well as some former recipients of the unconditional cash transfer program between 2018 and 2020.

State-owned Land Bank of the Philippines (LANDBANK) is responsible for distributing the cash subsidy through various mediums, including cash cards, other banks, electronic money issuers, and remittance centers.

LANDBANK reported in early July that it had disbursed P3.8 billion in cash aid to 3.8 million households.

On Monday, the DBM also released P8.05 billion worth of subsidies to rice farmers for distribution by the Department of Agriculture in the third and fourth quarters.

The subsidy is targeted at 1.56 million farmers, who will receive P5,000 each. — Diego Gabriel C. Robles

ShareTweetPin

Related Posts

Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case
Investing News

Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case

August 23, 2022
ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts
Investing News

ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts

August 23, 2022
Malaysian trade official urges PHL to sign up for RCEP  
Investing News

Malaysian trade official urges PHL to sign up for RCEP  

August 23, 2022
Next Post
Insolvencies surge to highest rates since financial crash as voluntary bankruptcies hit record levels

Insolvencies surge to highest rates since financial crash as voluntary bankruptcies hit record levels

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
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!
 

Recommended

Philippines routs Vietnam, 3-1, on Frayna and Mordido heroics

Philippines routs Vietnam, 3-1, on Frayna and Mordido heroics

August 9, 2022
Globe is PHL’s Most Reliable Mobile Network

Globe is PHL’s Most Reliable Mobile Network

July 8, 2022
Big Issue Invest backs multi-million pound scheme to help refugees in Greater Manchester and West Midlands

Big Issue Invest backs multi-million pound scheme to help refugees in Greater Manchester and West Midlands

June 23, 2022
ABS-CBN cuts debt, ponders if franchise, plans align

ABS-CBN cuts debt, ponders if franchise, plans align

July 28, 2022

Here’s what happens to Social Security payments if the government shuts down

October 1, 2023
Congressional leaders’ stature seen smoothing Marcos agenda

Congressional leaders’ stature seen smoothing Marcos agenda

July 24, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.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.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.