The Philippine Department of Budget and Management (DBM) has released Php6.2 billion in cash subsidies to cushion oil price spikes.
The DBM released the money to households worst hit by the continuing rise in oil prices and the money will be distributed to 6 million Filipinos under the first tranche of the Targeted Cash Transfer (TCT) Program of the Department of Social Welfare and Development (DSWD).
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The program will cover 4 million households enrolled under the Pantawid Pamilyang Pilipino Program and 2 million social pension beneficiaries and the people will receive P500 monthly cash subsidies for six months in three tranches of P1,000 per tranche.
The subsidy will be distributed through the cash cards of the LandBank of the Philippines.
