Beneficiaries will receive their P500 via a cash card issued by the Land Bank of the Philippines.
THE Department of Budget and Management (DBM) said Tuesday it has released P5.2 billion to cover the one-month requirement of the Targeted Cash Transfer (TCT) program of the Department of Social Welfare and Development (DSWD).
In a statement, the DBM said Budget Secretary Amenah Pangandaman has approved the release of the Special Allotment Release Order (SARO) amounting to P5.2 billion to the DSWD on November 17, 2022.
The SARO was charged against the Unprogrammed Appropriation, it said.
The amount released was aimed to cover part of the third tranche of the TCT program.
Around 9.8 million identified beneficiaries will be covered by the latest fund release, according to the DBM.
“The DBM fully supports the projects and programs that provide social assistance to our fellow kababayans. It was the President himself who gave the marching order not to neglect those in dire need. Thus, we will do everything we can in our capacity so that they may receive the benefits entitled to them,” said Pangandaman.
The TCT program grants unconditional cash transfers amounting to P500 per month to the most affected households for six months in order to mitigate the effects of the increase in the prices of fuel and other non-fuel commodities on vulnerable populations.
The DBM has previously released a total amount of P10.33 billion to the DSWD covering two months of cash transfers for 10 million target household beneficiaries.
The Budget Department said the P5.2 billion released is part of the P9.1 billion computed requirement to cover the one-month grant for the 9.8 million identified beneficiaries plus the three-month grants for additional 2.6 million beneficiaries of the TCT program.
Special Provision of the Unprogrammed Appropriations (UA), Republic Act No. 11639, Fiscal Year 2022 General Appropriations Act (GAA) provides that the UA may be availed of when there are new revenue collections or those arising from new tax or non-tax sources that are not part of, nor included in, the original revenue sources reflected in the Budget of Expenditure and Sources of Financing.
