Budget Department Gives Details about the Cash Aid amid the Oil Price Hike
BUDGET DEPARTMENT – DBM spoke on the target release of the P500.00 cash aid for the poor families amid the oil price hike in the Philippines.
A lot of Filipinos are financially struggling now due to the high prices of oil products. According to several public utility vehicle (PUV) drivers, they can hardly bring home an amount that can cope with the needs in their household due to the high prices of fuel.
The national government released fuel subsidies for the PUV drivers. Each beneficiary will receive worth Php 6,500.00 of fuel subsidy. Farmers and fisherfolks were also given fuel subsidies to help them cope with their livelihood amid the oil price hike.
There are calls for the suspension of the fuel excise tax. President Rodrigo Roa Duterte, amid the advice that the suspension of the excise tax will result in billions of losses in government revenues, did not approve the call. Instead, he offered cash aid for the poor Filipinos.
Initially, the cash aid for the poor Filipino households was offered at an amount of Php 200.00 per month. Pres. Duterte ordered the finance department to look for funds and raise it to Php 500.00 saying that Php 200.00 is insufficient.
Recently, the Budget Department gave an update regarding the Php 500.00 cash aid for the poor Filipino families amid the oil price hike. Based on a report on ABS-CBN News, DBM Undersecretary Tina Canda said that the fun will come from the excess revenues from value-added tax collections.
Speaking to ANC, the Budget Department Undersecretary said that the Php 500.00 is expected to be released by April or when the Bureau of Treasury (BTR) will be able to certify the excess revenue. She expressed that the cash assistance is set for three (3) months and will be given under a one-time deposit of Php 1,500.00.
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