THE Department of Finance (DOF) confirmed that the government’s Targeted Cash Transfer (TCT) program for Filipino households deemed most vulnerable to the impact of high fuel prices has wrapped up.
The program, which was started in July 2022 gave P500 in aid per month to poor households who were most affected by the continuous increase in prices of basic goods due to external factors such as the ongoing instability in Eastern Europe.
A total of P18.3 billion were paid out to some 9.2 million household beneficiaries, as identified by the Department of Social Welfare and Development (DSWD). The program expired on December 31, 2022 with the last payout distributed between January 4 and January 14, 2023.
Finance Secretary Benjamin Diokno said the government would now focus on efforts to ensure that there is enough food supply and on bringing down inflation rate since the country’s economy is now recovering and prices of petroleum products are becoming stable in the world market.
Aside from Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries, low-income earners likewise profited from the program and other poor households who are not included in the 4Ps.
The DoF clarified that fuel subsidy assistance will continue for the transport sector which had a budget of P3 billion for 2023.