The Department of Budget and Management (DBM) has approved the release of P7.68 billion to fund the targeted cash transfer (TCT) program.
In a statement, the DBM said some 7.6 million beneficiaries are expected to benefit from the TCT.
DBM Secretary Amenah Pangandaman approved on May 16 the release of the special allotment release order.
“We will help ensure that our fellow Filipinos, especially those who are vulnerable or in need, will be given care and support,” Pangandaman said.
To recall, in 2022, the DBM was able to release a total of P19.43 billion to the Department of Social Welfare and Development (DSWD) covering four out of six monthly fund requirements for the TCT.
The P7.68 billion fund recently approved for release covers the remaining two-month period of the TCT.
The program provides a P500-grant per month to beneficiaries, inclusive of administrative cost and bank charges.
“We are grateful to (the) President for the swift approval of our recommendations to accommodate the special budget request of DSWD for the implementation of the TCT program,” Pangandaman said.
The program was designed to mitigate the effects of fuel price hikes on the most vulnerable households.
The implementation and oversight of the TCT program implementation were carried out by an Interagency Committee, chaired by the Department of Finance and co-chaired by the Department of Social Welfare and Development, with the DBM, National Economic and Development Authority, Bureau of the Treasury and Land Bank of the Philippines as members.
