P4.1-B subsidy to mitigate inflation

A LITTLE over P4 billion in subsidies can now be delivered to poor Filipino households amid rising prices, the National Economic and Development Authority (NEDA) announced on Wednesday.

Socioeconomic Planning Secretary Arsenio Balisacan. PNA PHOTO

In a statement, the NEDA said the Department of Budget and Management had approved the release of a P4.1-billion Special Allotment Release Order for the government’s Targeted Cash Transfer (TCT) program.

“The timely release of the fund is crucial in the government’s efforts to help the poor cope with the continuous rise in commodity prices due to external shocks and other factors,” Socioeconomic Planning Secretary Arsenio Balisacan said.

The cash transfer program was described as “an important intervention to protect the purchasing power of the poor, which is among the priorities of the Marcos administration’s eight-point socioeconomic agenda.”

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The NEDA has been tasked to flesh out the agenda via the 2023-2028 Philippine Development Plan, which it has promised to deliver by the end of the year.

“Our near-term goal as envisioned in our eight-point agenda is to safeguard Filipinos against the most pressing issues today, which are rising inflation and the lingering socioeconomic scarring caused by the Covid-19 pandemic,” Balisacan said.

The P4.1 billion is part of second tranche requirements for implementing the TCT program. It is expected to benefit over 4 million beneficiaries who mostly belong to the poorest 50 percent of the population.

The Department of Social Welfare and Development will distribute the cash subsidy through remittance centers, special disbursing officers and the Land Bank of the Philippines.

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