FINANCE Secretary Benjamin Diokno said on Tuesday, March 7, 2023, that the government will release in the next “few days or weeks” the funds for the targeted cash transfer (TCT) program that aims to cushion the effects of skyrocketing inflation especially to poor families.

In a press conference, Diokno said they have allotted P9.3 billion for the program.

He said 9.3 million households will receive P1,000, P500 for each month.

The TCT is a program of the Department of Social Welfare and Development that was initiated in March 2022 by the previous administration. It aimed to cushion the impact of increasing prices of basic commodities especially to the poor families brought about by the oil price hike, which has been caused by the Ukraine invasion by Russia.

When he assumed office, President Ferdinand “Bongbong” Marcos Jr. ordered the program to continue.

Diokno said the government allocated a total of P26.6 billion for subsidies to vulnerable sectors, including for the Kadiwa program, fuel discount and fertilizer vouchers, among others.

The country’s inflation, the rate of the increase of prices of consumer goods and services at a certain period of time, stood at 8.6 percent in February, according to the Philippine Statistics Authority. (SunStar Philippines)