P1K 'ayuda' for 9.3M inflation-hit households released in a 'few days or weeks' —Diokno

The Marcos administration will soon release the P1,000 cash aid under the extended Targeted Cash Transfer (TCT) program to help some 9.3 million households cope with the continuous high inflation trend, Finance Secretary Benjamin Diokno said Tuesday.

Late last month, Diokno announced that the government is considering to distribute P1,000 subsidy for consumers, which will be divided for two months or P500 each month.

“Na-identify na namin kung saan kukunin ang pera at siguro in a few days or a few weeks mabibigay na namin ito sa mga naapektuhan ng inflation,” Diokno said at a Palace briefing.

(We have identified the funding source and maybe in a few days or weeks we can distribute it to those affected by the inflation.)

Diokno said the cash aid will be under the extended TCT program this year. The program, which was launched by the previous administration, aims to alleviate the financial struggle of low income families amid the rise in cost of goods triggered by global oil price surge due to the Russia-Ukraine war.

Under the program, beneficiaries received P500 a month for six months. The last payout for the “targeted ayuda” was in January 2023.

Diokno arlier said the total inflation alleviation cash aid budget is pegged at P9.3 billion.

During the Palace briefing, Diokno said the government is earmarking a total of P26.6 billion for subsidies to vulnerable sectors, which include the P1,000 two-month cash aid.

Apart from the cash aid, the Finance chief said the government will also provide subsidies such as fertilizer discount voucher, fuel discount for farmers and fisher-folks as well as fuel subsidy to the transport sector affected by the rising fuel cost.

“A total of P26.6 billion… These will be subsidies for the vulnerable sector,” Diokno said.

The Finance chief made the announcement after the release of the February 2023 inflation data.

Last month, the inflation rate clocked in at slightly 8.6% slower than the 8.7% rate recorded in January amid the slower movement in transportation and fuel costs. —KBK, GMA Integrated News