THE Department of Budget Management (DBM) said on Friday, July 1, 2022, it has released P6.20 billion to cover the first tranche of the P500 cash subsidy under the Target Cash Transfer (TCT) Program to ease the burden of poor families amid the soaring prices of basic commodities due to the oil price hike.

The TCT is a program of the Department of Social Welfare and Development.

The DBM said the cash subsidy will be distributed to six million beneficiaries from the poorest 50 percent of the country’s population.

It includes four million households enrolled under the Pantawid Pamilyang Pilipino Program (4Ps) and two million social pension beneficiaries.

“The beneficiaries shall receive P500 monthly cash subsidies for six months to be distributed in three tranches. This implies they are expected to receive P1000 for the first tranche, which will be distributed through the cash cards issued by the LandBank of the Philippines or other approved modes of distribution,” the DBM said.

In March, then President Rodrigo Duterte ordered the release of an additional P500 monthly subsidy for three months to cushion the impact of increasing prices of basic commodities, especially to the poor families, brought about by the oil price hike as a result primarily of the Ukraine invasion by Russia. (SunStar Philippines)