MANILA, Philippines — The Land Bank of the Philippines has released P3.8 billion to cover the initial financial aid for low-income households bearing the brunt of continued hike in commodity prices.
This is part of the P6.2 billion disbursed by the Department of Budget and Management for the first tranche of the Targeted Cash Transfer program implemented by the Department of Social Welfare and Development (DSWD).
The P3.8 billion in cash assistance will cover 3.8 million household-beneficiaries of the total 12.4 million vulnerable households.
Beneficiaries are from the poorest 50 percent of the population.
Every eligible beneficiary will get P500 per month for the next six months for a total of P3,000.
The 3.8 million household-beneficiaries have already received P1,000 each or two months’ worth of subsidies.
Beneficiaries with existing Landbank prepaid cards will receive the subsidy directly through their cards for cash withdrawal, bills payment, purchase of mobile prepaid load, and fund transfers to other bank accounts.
They can also use the cards to make cashless purchases in groceries, drugstores, convenience stores and other merchants via point-of-sale terminals.
For the whole program, the DSWD shall identify the list of beneficiaries, which includes the 10 million combined beneficiaries under its condition and unconditional cash transfer programs.
Also included are 2.4 million low income-households in the database of the National Household Targeting System for Poverty Reduction program.
Four months ago, former president Rodrigo Duterte ordered the distribution of monthly financial assistance or ayuda for poor families as fuel prices have started to increase due to global tensions.
Now, oil prices have risen further resulting in more expensive prices of other commodities, specifically food.