The Department of Finance (DOF) said on Friday that the government is preparing for cash aid under the Targeted Cash Transfer (TCT) program to help consumers amid the inflation crisis.
Finance Secretary Benjamin Diokno confirmed during the 2023 Annual Reception for the Banking Community that they were 'considering the two-month subsidy'.
"We’re just waiting for the announcement from the Palace," the finance secretary said.
There will be an estimated budget of P9.3 billion, with 5% administration cost, distributed to 9.3 million 'poorest of the poor'.
They are expected to receive P1,000 divided into two months of distribution.
TCT program offers a monthly direct cash benefit for 6 months for the poorest households. This provides cash grants of up to P3,000, or P500 per month, to eligible beneficiaries every six months.
The country's inflation rose to 8.7%, topping the 8.1% rate in December.
It has reached a fresh 14-year high on surging food prices since the 9.1% recorded in November 2008.
