The administration of President Ferdinand "Bongbong" Marcos Jr. has released P5.2 billion to help almost 10 million vulnerable Filipinos deal with soaring prices of fuel and basic commodities.

In a press statement, the Department of Budget and Management announced that it has released the funds to cover the one-month requirement of the Targeted Cash Transfer or TCT program of the Department of Social Welfare and Development.

The amount seeks to cover part of the third tranche of the TCT program, which has around 9.8 million identified beneficiaries.

The program grants unconditional cash transfers to the most affected households in the amount of P500 per month for six months in order to mitigate the effects of inflation or the rising prices of goods and services.

The agency said Budget Secretary Amenah Pangandaman has approved the release of the Special Allotment Release Order amounting to P5.2 billion to the DSWD on 17 November 2022, charged against the Unprogrammed Appropriation.

Marching order

"The DBM fully supports the projects and programs that provide social assistance to our fellow kababayans," Pangandaman said.

The Budget chief noted that it is the President's "marching order" to immediately disburse the funds to help socioeconomically disadvantaged individuals.

"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," she stressed.

DBM previously released P10.33 billion to the DSWD covering two months of cash transfers for 10 million target household beneficiaries.

The P5.2 billion release is part of the P9.1-billion computed requirement to cover the one-month grant for the 9.8 million identified beneficiaries and three-month grants for additional 2.6 million beneficiaries of the TCT program.

New revenues

DBM noted that UA may only 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.

The TCT program targets struggling individuals and sectors that have not met the criteria to be included in the Pantawid Pamilyang Pilipino Program.

Moreover, it aims to close the gap between the non-recipients of the 4Ps, but greatly affected by the impact of the rising cost of basic commodities and services.