LandBank to tap CFIs for cash transfer program
The Land Bank of the Philippines will tap countryside financial institutions (CFIs) as channels for the government to effectively implement further its conditional cash transfer (CCT) program.
LandBank was identified by the Department of Social Welfare and Development (DSWD) as the bank where CCT beneficiaries can get their monthly support.
LandBank President Gilda Pico said the 325 branches they have nationwide is enough for their operations since these are located strategically but the problem is the CCT program is being implemented in the poorest areas nationwide where they might not have a branch.
“Conduits would be identified as soon as possible to make sure that intended beneficiaries would be able to get their financial aid without going to LandBank branches,” she said.
Pico said CCT beneficiaries are given automated teller machine cards since this is where the financial support are deposited but in the case of areas where there are no ATMs, LandBank would be tapping conduits that would provide the stipend in cash.
She cited that the government targets to increase by one million its CCT beneficiaries this year and another 1.3 million next year.
“This is why we need conduits since we would be serving larger number of CCT recipients,” she added.
The CCT program, being implemented since last year, has a P10 billion for this year and the government wants to almost triple it next year to P29 billion as part of the government’s poverty alleviation program.
Initially, around 6,000 families from pilot areas, namely Agusan del Sur, Misamis Occidental, Pasay and Caloocan are covered by the program.
The beneficiaries are provided P500 a month for health and nutrition expenses and P300 a month per qualified child, for a maximum of three kids, for educational expenses.*
