THE Department of Budget and Management (DBM) estimates that around P20 billion is needed for the initial distribution of the P500 monthly financial assistance or “ayuda” to poor Filipinos.
The estimate amount was given by DBM Officer-in-Charge Tina Rose Canda after President Rodrigo Duterte increased the monthly financial aid to P500 from the P200 earlier announced for the beneficiaries amid the high prices of petroleum products and goods..
During the Laging Handa public briefing, Canda said the P20-billion fund will only be enough for three months’ worth of financial assistance for the 13 million beneficiaries.
The fund for the program will come from excess revenues from the collection of the Value Added Tax (VAT) and dividends earned from Government Owned and Controlled Corporations (GOCCs).
When asked for other possible funding options or sources, Canda said that it is only the excess revenues that they see as possible funding sources since the government’s other collections are already allotted for present and continuing programs of the government or other budget allocations.
Meanwhile, Canda said the transfer of the funds to the Department of Social Welfare and Development (DSWD) will happen once there is a certification from the Bureau of Treasury that excess collection is already available.
After that, it will be the DSWD’s turn to distribute the funds to the beneficiaries.