P40B for cash transfers released

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The Land Bank of the Philippines (Landbank) has released P40.61 billion in unconditional cash transfers (UCTs) as of March this year to beneficiary-households of the social mitigation program under the Tax Reform for Acceleration and Inclusion Act (TRAIN).

The Department of Finance said in a statement yesterday that under the TRAIN, up to 30 percent of the incremental revenues from the law is earmarked for social mitigation measures, such as the UCTs, while the remaining bigger share of the pie is earmarked for the Build, Build, Build program.

In her report to the Bureau of the Treasury, Cecilia Borromeo, Landbank president and chief executive officer, said P22.22 billion sourced from the program funds under the 2018 national budget was released to 9.26 million UCT beneficiaries from March 2018 to March 2020.

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Under the 2019 national budget, another P18.39 billion was released by Landbank from July 2019 to March 2020 to 5.11 million UCT recipients.

A total of P7.88 billion has yet to be released as the bank is still waiting for the submission by the Department of Social Welfare and Development (DSWD) of the remaining list of beneficiaries under the UCT program who have yet to receive their subsidies.

Borromeo said the UCTs were distributed to the beneficiaries either through their Landbank cash cards or over-the-counter payments in the bank’s branches or other accredited conduits such as rural banks and cooperatives.

UCT recipients include beneficiaries of the Pantawid Pamilyang Pilipino Program, social pensioners under the Senior Citizens Act, and other low-income households identified by the DSWD through its National Household Targeting System for Poverty Reduction, also known as Listahanan.

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