NextGen Day

According to the National Economic and Development Authority (NEDA), the distribution of targeted subsidies to the most vulnerable Filipino families will help mitigate the effects of rising oil and other commodity prices.

The Targeted Cash Transfer (TCT) Program will get a Special Allotment Release Order (SARO) worth PHP4.1 billion after approval from the Department of Budget and Management (DBM).

In a statement released on Wednesday, NEDA Secretary Arsenio Balisacan said, “The timely disbursement of the fund is vital in the government’s efforts to help the poor cope with the continual rise in commodities prices owing to external shocks and other circumstances.”

According to him, the cash transfer program is a crucial intervention to safeguard the purchasing power of the poor, one of the administration of Marcos’ eight-point socioeconomic agenda’s priorities.

The eight-point socioeconomic agenda of the Philippine Development Plan 2023–2028 must be developed before the end of the year, as promised by the NEDA.

Our short-term objective, which is outlined in our 8-point agenda, is to protect Filipinos from the two most serious problems facing them right now: growing prices and the socioeconomic damage left behind by the Covid-19 (coronavirus disease 2019) epidemic, according to Balisacan.

The PHP4.1 billion budget allocation is a condition for implementing the TCT Program’s second tranche. Over four million people will get benefits, the majority of whom are the nation’s poorest citizens.

It is the responsibility of the Department of Social Welfare and Development (DSWD) to disburse cash assistance.

The DSWD will also provide PHP500 each month for two months as part of the scheme. Remittance centers, special disbursing officials, and the Land Bank of the Philippines will handle distribution.

The DSWD will assist in the distribution of cash grants totaling PHP3,000, or PHP500 per month for six months, in accordance with the TCT Program’s rules.

The Department of Finance, NEDA, DBM, and DSWD together issued Joint Memorandum Circular No. 1, s. 2022, which contained its guidelines.

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