Government-owned Land Bank of the Philippines headed by bankero Cecilia Borromeo helped the Department of Social Welfare and Development (DSWD) distribute P133.61 billion to more than seven million beneficiaries of the Duterte administration’s cash transfer program.
“We will continue to work closely with the DSWD to contribute to the national government’s inclusive development agenda,” the bankero said.
Borromeo pointed out that the state-run bank remains steadfast in the timely delivery of social protection interventions to the most vulnerable sectors.
It disbursed a total of P123.74 billion under the conditional cash transfer (CCT) program that benefitted 4.4 million low-income families, for education and health needs of the children and financial support for households.
Likewise, Landbank also delivered a total of P9.86 billion to 2.8 million unconditional cash transfer (UCT) beneficiaries, as part of support interventions in line with the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
As of end February, it provided Landbank cash cards to 9.8 million CCT and UCT beneficiaries to facilitate more convenient withdrawals of social pension and grants in future payouts.
The state-run bank also upgraded the cash cards of all CCT and UCT beneficiaries into transaction accounts, to provide the beneficiaries wider access to an array of banking services.
Landbank serves as the delivery arm for the national government’s social protection initiatives in support of the country’s underserved and marginalized sectors.