The government is expected to spend P38 billion to implement the cash subsidy program for poor families and two other safety net programs to mitigate the impact of the planned higher excise tax on petroleum products.
Finance Undersecretary Karl Kendrick Chua said at least P30 billion would be set aside to provide cash assistance to 10 million poor households for a year once the higher fuel rates take effect.
Another R8 billion would be allocated for “Pantawid Pasada” program or fuel subsidy cards for affected public transport drivers and the “jeep modernization” program, according to Chua.
“Una po ‘yung cash transfer na mga P300 per month for one year. Temporary ‘to na ibibigay natin sa pinakamahirap na 10 million households para ‘yung moderate and sudden increase ng inflation ay hindi sila maapektuhan masyado [The cash transfer will be R300 per month for one year. This will be temporary. It will be given to 10 million poorest households to ease the impact of the moderate and sudden increase of inflation],” Chua said in a Palace press briefing. (GK)