THE government’s targeted cash transfer (TCT) program, designed to mitigate the effects of fuel price hikes on poor households, has distributed P18.3 billion in subsidies to about 9.2 million household beneficiaries, the Department of Finance (DOF) said yesterday.
“The TCT program is intended to alleviate the initial shocks caused by high fuel prices on the most vulnerable households. Now that our economy is recovering strongly and world oil prices are gradually stabilizing, we are shifting our focus towards ensuring food security to control inflation,” Finance Secretary Benjamin Diokno said.
The implementation and oversight of the TCT program implementation were carried out by an Interagency Committee chaired by the DOF and co-chaired by the Department of Social Welfare and Development (DSWD), with the Department of Budget and Management, National Economic and Development Authority, Bureau of the Treasury and Land Bank of the Philippines as members.
The program, which started under the previous administration, granted cash aid amounting to P500 per month to poor households as identified by the DSWD.
The program expired on December 31, 2022 in accordance with Joint Memorandum Circular No. 1, s. 2022.
The last payout of obligated subsidies was distributed from January 4 to 14, 2023.
