MANILA—The Department of Budget and Management (DBM) on Friday said it released P6.2 billion in cash subsidy to help half of the country's population amid rising oil prices.

The DBM said in a statement that the amount will cover the first tranche of the Targeted Cash Transfer (TCT) program of the Department of Social Welfare and Development (DSWD).

"The cash subsidy will be distributed to six million beneficiaries from the poorest 50 percent of the country’s population to help them cope with rising prices of fuel and other commodities. Specifically, this includes four million households enrolled under the Pantawid Pamilyang Pilipino Program (4Ps) and two million social pension beneficiaries," it said.

• DBM looking for budget to continue fuel subsidy for public utility drivers

Under the financial aid program, beneficiaries will receive P500 monthly subsidies for six months to be distributed in three tranches.

"This implies they are expected to receive P1,000 for the first tranche, which will be distributed through the cash cards issued by the LandBank of the Philippines or other approved modes of distribution," the DBM said.

The department said it will release funds in a "timely and prudently" and coordinate with implementing agencies in the distribution of the subsidy.

In mid-March, former President Rodrigo Duterte approved the monthly aid for these households to cushion the economic impact of rising fuel prices and higher food costs.

• DSWD targets to release P500 subsidy for PH's poorest families by end-June

Various sectors had described the subsidy as a pittance and could not even cover a day's worth of expenses.

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