The Department of Budget and Management on Monday released P24.5 billion in funds to mitigate the impact on the poor of the higher consumer prices as a result of the first tax reform package.
In a statement, the DBM said the obligation authority included P4.3 billion in cash for the Department of Social Welfare and Development’s Tax Reform Cash Transfer (TRCT) Project, which is the largest mitigation program for indigent families under the Tax Reform for Acceleration and Inclusion (TRAIN) Act.
Under the TRCT, the state-run Land Bank of the Philippines will distribute P200 a month in unconditional cash transfers to Pantawid Pamilyang Pilipino Program (4Ps) cash card beneficiaries numbering more than 1.8 million.
According to the DOF, the DWSD expects all beneficiary-households to receive their unconditional cash transfers by August.
Next year and in 2020, the cash transfer will be increased to P300 a month or P3,600 for the entire year.