THE LAND Bank of the Philippines (LANDBANK) has disbursed as of Friday P3.8 billion of the cash aid in response to rising prices of fuel and other goods, the state-run financial institution reported.
This covers 3.8 million households consisting of three payout tranches under the Targeted Cash Transfer (TCT) program, it said in a press release on Sunday.
The TCT will provide P500 per month for six months to about 12.4 million households.
LANDBANK is responsible for distributing the cash subsidy through various mediums, including cash cards, other banks, electronic money issuers, and remittance centers.
Beneficiaries are identified by the Department of Social Welfare and Development using data from existing and past cash transfer programs.
Inflation averaged 4.1% in the first five months of the year, exceeding the Philippine central bank’s 2%-4% target after quickening to a three-and-a-half-year high of 5.4% in May.
The Bangko Sentral ng Pilipinas (BSP) projects June inflation to further increase, settling between 5.7% to 6.5%, former BSP Governor and now Finance Secretary Benjamin E. Diokno said earlier on Twitter.
Meanwhile, pump prices of diesel, gasoline, and kerosene had gone up by P41.15, P28.70, and P37.95, respectively, from the start of the year to June 14. — Diego Gabriel C. Robles