• The Financial District

LAND BANK RELEASES P46 BILLION AID

Land Bank of the Philippines (Landbank), the main distribution arm of the government’s financial aid program, has so far released about PHP46.31 billion worth of subsidies for 4.6 million households  affected by the pandemic.

The bank said the releases were as  of July 1, 2020, with the bulk of the fund amounting to PHP46 billion earmarked under the conditional cash transfer (CCT) program of the government.


The PHP191.38 million was released to 23,922 public utility vehicle (PUV) drivers in the National Capital Region (NCR).


Part of this is a social amelioration program (SAP) for drivers which is in line with the Republic Act No. 11469, or the Bayanihan to Heal as One Act, providing PHP5,000 to PHP8,000 subsidy depending on what regions they are located.


Beneficiaries that received aid from the program of the Department of Labor and Employment (DOLE) came in third, as of data from Landbank.


Also, 18,061 formal workers from the NCR benefited from the COVID-19 Adjustment Measures Program (CAMP) where they received a total of PHP90.3 million.


About 2,533 displaced overseas Filipino workers (OFWs) received a total of PHP25.33 million worth of aid under the Abot Kamay ang Pagtulong (AKAP).


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@2020 by The Financial District