Land Bank of the Philippines (LandBank) announced recently that it has already distributed a total of P83.1 billion to beneficiaries of the government’s various cash transfer programs for the period of January to August this year.
“Amid the rising prices of fuel and goods, LandBank is working closely with the Department of Social Welfare and Development (DSWD) in implementing the TCT Program to support around 12.4 million vulnerable households belonging to the bottom 50% of Filipino households,” the bank said in a press release.
“As the main distribution arm of the government’s social protection programs, LandBank continues to facilitate the regular disbursement of financial assistance under the Conditional Cash Transfer (CCT) and Unconditional Cash Transfer (UCT) programs of the DSWD,” it added.
Broken down, P63.3 billion of the total amount has been released under the CCT program, which is meant for the education, health, and daily essentials expenses of 4.4 million low-income families in the country.
Another P11.5 billion earmarked for 3.2 million UCT recipients was delivered, in line with the support interventions under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
LandBank also said that at least P8.3 billion has already been given to 8.3 million Filipino households under the Targeted Cash Transfer (TCT) program that was initiated in response to elevated inflation.
The state-run bank has also since upgraded the typical cash cards into transaction accounts, allowing beneficiaries to avail of wider access to banking services such as cash card loading, fund transfers, and cash-in.
The consumer price index climbed to 6.3% year on year in August from the nearly four-year high of 6.4% a month earlier and 4.4% a year ago. It was the fifth straight month that inflation exceeded the Bangko Sentral ng Pilipinas (BSP)’s 2% to 4% target this year.
Financial assistance to farmers to be released soon
In a related development, LandBank is now also working with the Department of Agriculture (DA) to hasten the processing and release of P5,000 worth of financial assistance to beneficiaries of the Rice Farmers Financial Assistance (RFFA) Program.
The RFFA is a direct cash transfer, as compensation, to rice farmers to mitigate loss in income due to the drop in the price of palay or unhusked rice.
According to Press Secretary Rose Beatrix “Trixie” Cruz-Angeles, the cash aid is intended for qualified rice farmers as part of the implementation of the Rice Tariffication Law.
“The state-run Land Bank of the Philippines assures farmer-beneficiaries of the Rice Farmers’ Financial Assistance Program. They are working closely with the Department of Agriculture (DA) to expedite the disbursement of their subsidies,” the press secretary said in a statement.
The distribution of the subsidies will start as soon the said accounts have been validated by LandBank, the report added.
