NextGen Day

MANILA – The additional PHP500 subsidy for Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries would be funded by excess value-added tax (VAT) receipts boosted by oil price increases and earnings from government-owned and controlled organizations (GOCCs).

Acting Secretary Tina Rose Canda of the Department of Budget and Management stated during the Laging Handa public briefing on state-owned PTV-4 on Wednesday that the new subsidy will benefit about 13 million people and will cost the government PHP20 billion for just three months.

“Ang extra revenues nga na ito ay pagtaas natin ng value ng petrolyo either sa profits ng mga government businesses at doon sa excess VAT collections as a result noong pagtaas natin ng value ng petrolyo.” So, sa halip na pakinabangan iyan ng gobyerno, kumbaga ibabalik sa taumbayan – iyong pinakamahirap nating taumbayan, iyong ayuda na ito So, rather than the government benefiting from it, we would return it as a subsidy to the people –the poorest of them–,” she explained.

Canda stated that aside from the excess VAT and GOCC earnings, the government has no other surplus funds for the additional 4Ps subsidy because the government has doubled its PHP2.5 billion subsidies for public utility vehicle (PUV) drivers and increased farm subsidies by PHP600 million.

“Excess revenues lang ang inaasahan natin dito, sir, kasi iyong mga normal nating mga collection ay para rin sa mga ongoing na proyekto, mga existing na programa ng gobyerno,” she continued.

Because the Bureau of the Treasury is scheduled to give a certification by the end of March, Canda said the increased subsidy for PUV drivers and the farm sector will be released to the Department of Social Welfare and Development by April.

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