STATE-RUN Land Bank of the Philippines (LANDBANK) has distributed a total of P83.1 billion to beneficiaries of the government’s various cash transfer programs in the January to August period, it said in a press release on Sunday.
“As the main distribution arm of the government’s social protection programs, LANDBANK facilitates the regular disbursement of financial assistance under the Conditional Cash Transfer (CCT) and Unconditional Cash Transfer (UCT) programs of the DSWD (Department of Social Welfare and Development),” it said.
Broken down, P63.3 billion has been released under the CCT program, which is meant for 4.4 million low-income families for their expenses on education, health, and daily essentials.
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.
The LANDBANK also said that P8.3 billion has been given to 8.3 million Filipino households under the Targeted Cash Transfer (TCT) program that was initiated in response to elevated inflation.
“Amid the rising prices of fuel and goods, LANDBANK is working closely with the DSWD in implementing the TCT Program to support around 12.4 million vulnerable households belonging to the bottom 50% of Filipino households,” the state-run bank said.
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’ 2-4% target this year.
The LANDBANK also 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. — Diego Gabriel C. Robles