P206.5 billion aid allocated to those affected by inflation

The Marcos administration will spend P206.5 billion from the country’s national budget in 2023 to provide aid to poor families in the country to combat the effects of rising inflation, according to Malacañang yesterday.

Such amount will be cut from the P5.268 trillion worth of the 2023 National Expenditure Program submitted to Congress for approval, according to the Office of the Press Secretary.

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The Department of Social Welfare and Development will receive the largest allocation of P165.40 billion for its various social assistance programs.

Also included in the expenditure is the subsidy for gasoline for public drivers, which will cost P2.5 billion due to the continuous increase in the international price of oil.

P1 billion will also be allocated for fuel subsidies for farmers and fishermen, whose distribution will be managed by the Department of Agriculture.

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A total of P22.39 billion will go to the Department of Health for their Medical Assistance to Indigent and Financially-Incapacitated Patients. At the same time, P14.9 billion will be allocated for the TUPAD program of the Department of Labor and Employment (DOLE).

P206.5 billion aid allocated to those affected by inflation

P115.6 billion was also allocated for Pantawid Pamilyang Pilipino Program or 4Ps, P25.3 billion for pensions for Indigent Senior Citizens; P19.9 billion for Protective Services for Individuals and Families in Difficult Circumstances; and P4.4 billion for the Sustainable Livelihood Program.

P47.4 billion was also allocated to the Universal Access to Quality Tertiary Education Program; P110.2 billion for the National Health Insurance Program of the Philippine Health Insurance Corporation; P1 billion for the COVID-19 compensation package covering 65,293 healthcare workers; and P19 billion for public health emergency benefits and allowances for 526,727 healthcare workers.

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In order to provide financial assistance to the 1.6 million poor families who cannot afford quality medical services, the government also allocated P22.4 billion for medical assistance to indigent and financially-incapacitated patients.

The headline  in the Philippines continued its uptrend as it moved up further to 7.7 percent in October 2022 from 6.9 percent in September 2022. This is the highest recorded inflation since December 2008. With this month’s inflation, the Philippines’ average inflation rate from January to October 2022 stood at 5.4 percent. In October 2021, the inflation rate was observed at 4.0 percent.

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