Filtered By: Money

DBM releases P7.68B for targeted cash transfer program

The Department of Budget and Management (DBM) has released around P7.68 billion to cover the funding requirements of the Department of Social Welfare and Development’s (DSWD) Targeted Cash Transfer (TCT) program.

In a statement on Thursday, the DBM said Budget Secretary Amenah Pangandman approved, on May 16, the release of Special Allotment Release Orders (SARO) amounting to P7,684,844,352 for the TCT.

SARO is a specific authority issued by the DBM to one or more identified agencies to cover their expenditures.

The Budget Department said the amount released is expected to benefit 7,597,546 beneficiaries of the TCT.

“In adherence to the directive of President Ferdinand R. Marcos Jr., we will help ensure that our fellow Filipinos, especially those who are vulnerable or in need, will be given care and support,” said Pangandaman.

To recall, in fiscal year 2022, the DBM said it was able to release a total of P19.43 billion to the DSWD covering four out of six monthly fund requirements for the TCT.

The P7.68 billion fund recently approved for release covers the remaining two-month period of the TCT, it said.

The program provides a P500-grant per month to beneficiaries, inclusive of administrative costs and bank charges. —Ted Cordero/ VAL, GMA Integrated News