The government’s targeted cash transfer (TCT) program, which was designed to mitigate the effects of fuel price hikes on poor households due to the Russia-Ukraine war, accomplished the distribution of PHP18.3 billion in subsidies to about 9.2 million household beneficiaries.
“The TCT program intended to alleviate the initial shocks caused by high fuel prices on the most vulnerable households. Now that our economy is recovering strongly and world oil prices are gradually stabilizing, we are shifting our focus towards ensuring food security to control inflation,” said Finance Secretary Benjamin Diokno.
The implementation and oversight of the TCT program implementation were carried out by an Interagency Committee (IAC), chaired by the Department of Finance (DOF) and co-chaired by the Department of Social Welfare and Development (DSWD), with the Department of Budget and Management (DBM), National Economic and Development Authority (NEDA), Bureau of the Treasury (BTr), and Land Bank of the Philippines (LBP) as members.
The program, which started under the previous administration, granted cash aid amounting to PHP500 per month to poor households, as identified by the DSWD. The program expired on December 31, 2022 in accordance with Joint Memorandum Circular (JMC) No. 1, s. 2022. The last payout of obligated subsidies were distributed from January 4 to 14, 2023.
