State-run Land Bank of the Philippines led by bankero Cecilia Borromeo and the Department of Social Welfare and Development (DSWD) disbursed a total of P3.8 billion in cash assistance to 3.8 million household-beneficiaries as of end June.
The dole outs covered three payout tranches conducted under the Targeted Cash Transfer (TCT) Program aimed at supporting around 12.4 million vulnerable households belonging to the bottom 50 percent of Filipino households, amid the rising prices of fuel and goods.
“Together with the DSWD, we will ensure the immediate distribution of cash assistance to all eligible beneficiaries under the TCT Program. We are one with the National Government in alleviating the plight of vulnerable sectors amid the increase in the price of fuel and other commodities,” the bankero said.
Under the memorandum of agreement (MOA), the DSWD shall identify the list of beneficiaries, which includes the 10 million combined beneficiaries under the Department’s Conditional and Unconditional Cash Transfer (CCT and UCT) Programs, as well as 2.4 million low income-households in the database of the National Household Targeting System for Poverty Reduction or Listahanan Program.
Each eligible beneficiary will receive P500.00 per month for six (6) months, amounting to a total of P3,000.00 per beneficiary. The 3.8 million household-beneficiaries have already received P1,000.00 each or two-months’ worth of subsidies.
Beneficiaries with existing Landbank prepaid cards will receive the subsidy directly through their cards, which they can also use for cashless transactions in groceries, pharmacies, convenience stores, and other accepting merchants via point-of-sale terminals, including balance inquiry via the Landbank mobile banking app.
In addition, beneficiaries can use 2,822 Landbank ATMs nationwide for cash withdrawal, bills payment, purchase of mobile prepaid load, and fund transfers to Landbank and other bank accounts.
As part of its commitment of serving the nation, Landbank is the main distribution arm of financial assistance under the national government’s social protection programs, especially to vulnerable and underserved sectors.