MANILA - A total of P5.2 billion has been released by the Department of Budget and Management (DBM) to fund the one month requirement of the Targeted Cash Transfer program of the Department of Social Welfare and Development.
The Special Allotment Release Order was approved last Nov. 17 and charged under the Unprogrammed Appropriation, the DBM said in a statement.
DBM said the amount covers the third tranche of the TCT program seen to benefit some 9.8 million beneficiaries.
"The DBM fully supports the projects and programs that provide social assistance to our fellow kababayans," Budget Secretary Amenah Pangandaman said.
DSWD's TCT program distributes unconditional cash transfers of P500 to the hardest hit households per month for 6 months to mitigate the impact of rising fuel prices and other commodities, the DBM said.
The DBM said it had earlier released P10.33 billion to DSWD for 2 months of cash transfers for 10 million household beneficiaries.
The National Economic and Development Authority earlier stressed that the timely release of cash transfers is crucial in helping the vulnerable weather rising inflation.