MANILA — The Department of Budget and Management on Tuesday said it has approved the release of a special P4.1 billion allotment to help mitigate the impact of inflation to the country's most vulnerable.
In a statement, the DBM said Budget Secretary Amenah Pangandaman approved the Special Allotment Release Order to the Department of Social Welfare and Development for cash aid to the poor through Targeted Cash Transfer.
Inflation rose to 6.1 percent in June, above the 2 to 4 percent target range, largely due to soaring oil and global commodity prices as well as local shortages in select food supply that add on costs.
The second tranche allocation is expected to benefit over 4 million beneficiaries, the DBM said.
Under the program, each non-4Ps beneficiary identified by the DSWD would receive P500 per month for 2 months.
"This is good news, especially for the most vulnerable households, who will be the beneficiaries of the second tranche of the TCT Program," Pangandaman said.
"Sila iyong mga kababayan natin na lubhang naapektuhan ng pagtaas ng gasolina at iba pang bilihin (they are the hardest-hit by the rising prices of gasoline and other commodities). We want them to know and feel that their government is here for them. We are ready to help them," she added.
Pangandaman said aid would be extended as long as the government is able to cover the funds.
Finance Secretary Benjamin Diokno in a separate statement said the TCT program would continue as the rising fuel prices remain a burden to cash-strapped Filipinos.
“The economic team has made sure that we have enough resources to provide targeted assistance to the most vulnerable households and sectors," Diokno said.
“The Marcos administration stands ready to support the most vulnerable. We are prepared to implement necessary measures to make sure that they are cushioned from the impact of inflation,” he added.
- with a report from Warren De Guzman, ABS-CBN News