DBM Releases P6.2 Billion for Cash Subsidy amid High Oil Prices
DBM – The Department of Budget Management released P6.2 billion for cash subsidy amid the high oil prices in the Philippines now.
Many Filipinos now are having a hard time coping with the high oil costs in the country. There is a global oil problem due to the insufficient oil supply that does not meet the oil demands of several nations across the globe.
In the Philippines, the series of oil price hikes started in January and it led the prices of diesel and gasoline to reach at least P90 per liter in several fuel stations in the country. Many people claim that their budget is highly affected by the oil price increase.
Public utility vehicle (PUV) drivers claimed that they can hardly make a profit due to the high costs of fuel in the country now. According to some of the PUV drivers, they resorted to loans to cope with the needs in their household.
Many people are calling for the suspension of the fuel excise tax but the Palace denied the call saying that the fund has already been allotted for government projects.
Based on a report on ABS-CBN News, the government turned to giving cash aid to poor Filipinos amid the high oil costs in the country now. The Department of Budget Management (DBM) recently released P6.2 billion for the cash subsidy.
Based on the report, the cash subsidy will benefit six million people who are from the poorest 50% of the population of the country. The cash aid will be under the Targeted Cash Transfer (TCT) program of the Department of Social Welfare and Development (DSWD).
Among the beneficiaries of the cash subsidy are the four (4) million recipients of the Pantawid Pamilyang Pilipino Program (4Ps) and the two (2) million social pension beneficiaries.
Under the said program wherein the DBM released P6.2 billion for, each beneficiary will get P500 as monthly subsidy for 6 months. It will be released in three (3) tranches and it will be given through the beneficiaries’ Landbank card or the approved mode of distribution.
More updates may be posted soon…
READ ALSO: LTFRB Approves Increase on Minimum Fare in Jeepneys