STATE-run Land Bank of the Philippines (LandBank) announced it has released P89.45 billion in cash grants to 6.3 million low-income families as of the first nine months of 2021.
Of the total releases, P82.72 billion in cash grants were distributed to 4.4 million beneficiaries under the government’s Conditional Cash Transfer (CCT) program, the lender said. The program is intended to support poor households with children aged 18 years old and below.
The remaining P6.73 billion was released to 1.9 million beneficiaries under the Unconditional Cash Transfer (UCT) program of the Department of Social Welfare and Development, the Landbank said in a statement. The DWSD program is part of support interventions in line with the implementation of the Tax Reform for Acceleration and Inclusion (Train) law (Republic Act 10963).
We remain “one with the national government in the immediate delivery of social protection interventions and much-needed financial relief to vulnerable sectors,” LandBank President and CEO Cecilia C. Borromeo was quoted in the statement as saying. “Under the ‘whole-of-nation’ approach, we work closely with the DSWD and other government partners at the forefront of extending responsive and impactful services.”
The bank said it also continues to distribute its cash cards to CCT and UCT beneficiaries “to make receiving and accessing benefits easier and more convenient.” The cards can be used for cash withdrawals at LandBank ATMs and agent banking partners, and for cashless purchases in groceries and drugstores, among others, the lender added.
LandBank said that as of September 30, it has produced 6.4 million cash cards, of which 4.4 million cards are already being utilized by beneficiaries. CCT and UCT beneficiaries may also receive their benefits via over-the-counter transactions at Landbank branches and through various conduits, the lender said.