DBM releases P6.2-B cash subsidy for 6 million poor Filipinos

cash subsidy

SUBSIDY Beneficiaries of the government’s cash aid wait for their turn to claim their money from a remittance center in Tondo, Manila. INQUIRER file photo / LYN RILLON

MANILA, Philippines — The Department of Budget and Management (DBM) released Friday a total of P6.2 billion which will be distributed to 6 million Filipinos amid the high prices of fuel and other commodities.

The DBM said the funds will be used for the first tranche of the Targeted Cash Transfer (TCT) Program of the Department of Social Welfare and Development (DSWD).

The program covers 4 million households enrolled under the Pantawid Pamilyang Pilipino Program and 2 million social pension beneficiaries.

The DBM said beneficiaries shall receive P500 monthly cash subsidies for six months to be distributed in three tranches—or P1,000 per tranche.

The subsidy shall be distributed through the cash cards issued by the LandBank of the Philippines or other approved modes of distribution, the DBM said.

“The DBM will ensure the timely and prudent release of funds and work closely with all implementing agencies to help ease the burden of the vulnerable population most affected by global crises,” the agency said.