MANILA - The timely release of the P4.1 billion fund for the Targeted Cash Transfer program is crucial in helping the poor weather the impact of rising commodity prices, the National Economic Development Authority said Wednesday.
The release of the P4.1 billion allocation was approved by the Budget department to be released to the Department of Social Welfare and Development (DSWD) to help the poorest households mitigate the impact of inflation.
“The timely release of the fund is crucial in the government’s efforts to help the poor cope with the continuous rise in commodity prices due to external shocks and other factors,” said NEDA Secretary Arsenio M. Balisacan.
The TCT is in line with President Ferdinand Bongbong Marcos Jr's 8-point economic agenda which includes protecting the purchasing power of the poor, Balisacan said.
“Our near-term goal as envisioned in our 8-point Agenda is to safeguard Filipinos against the most pressing issues today, which are rising inflation and the lingering socioeconomic scarring caused by the COVID-19 pandemic,” said Balisacan.
The P4.1 billion budget allocation is part of the second tranche requirements for implementing the TCT program. The fund is set to benefit some 4 million beneficiaries.
Under the program, the DSWD will provide P500 per month for 2 months to the beneficiaries.