The Department of Budget and Management (DBM) stated on Friday that it had approved P6.2 billion to pay the P500 monthly financial support for low-income households to help them cope with rising gasoline and commodity costs.

The funds were made available for the Department of Social Welfare and Development’s Targeted Cash Transfer (TCT) Program (DSWD).

In March, then-President Rodrigo Duterte upped monthly financial assistance for the poor from P200, as requested by his economic managers, to P500 due to inflation worries.

However, the monetary aid was not provided until Duterte’s tenure expired on Thursday, June 30.

According to the DBM, the cash subsidy would be paid to six million people from the lowest half of the country’s population “to help them cope with rising prices of fuel and other commodities.”

“Specifically, this includes four million households enrolled under the Pantawid Pamilyang Pilipino Program (4Ps) and two million social pension beneficiaries,” it said.

The recipients would get P500 in monthly cash assistance for six months, divided into three installments.

The DBM stated that “they are expected to receive P1,000 for the first tranche, which will be distributed through the cash cards issued by the LandBank of the Philippines or other approved modes of distribution..”

“The DBM will ensure the timely and prudent release of funds and work closely with all implementing agencies to help ease the burden of the vulnerable population most affected by global crises,” it stated.