LANDBANK distributes cash grants to quake-hit Itbayat; donates financial assistance

Tuesday, August 13, 2019

LANDBANK distributes cash grants to UCT beneficiaries in Itbayat, Batanes.


The Land Bank of the Philippines (LANDBANK) released on Thursday (August 1, 2019) cash pay-outs to 223 out of the 270 beneficiaries of the Unconditional Cash Transfer (UCT) Program of the Department of Social Welfare and Development (DSWD) in the Municipality of Itbayat, Batanes five days after the province was hit by earthquake.

On the same day, LANDBANK, represented by Basco Branch Head Maria Victoria P. Roberto, also turned over to Itbayat Mayor Raul M. de Sagon Php100,000 as the Bank’s financial assistance to the local government unit (LGU), which was witnessed by Batanes Governor Marilou Cayco.

A total of Php535,200 were distributed to 223 confirmed and validated UCT beneficiaries who each received Php2,400.00 in cash. All of the beneficiaries were farmers and fishers, and a number were senior citizens, with one as old as 100 years old, while others were bedridden and needed to be serviced by the Bank inside the evacuation site.

The UCT Program is the tax subsidy provided under the Tax Reform for Acceleration and Inclusion (TRAIN) Law to help the poor who will not directly benefit from the lowering of personal income tax but will be affected by the moderate increase in prices due to the higher oil excise tax, introduction of the sugar-sweetened beverage (SSB) tax and the expansion of the value-added tax (VAT) base.

It is considered to be the biggest tax reform mitigation program under the TRAIN Law which seeks to provide 10 million beneficiaries with cash subsidies amounting to Php200 a month for 2018 and Php300 a month for 2019 and 2020.

LANDBANK has been designated as the government’s conduit for the pay-outs to the UCT Program beneficiaries - of which a considerable number are farmers and fishers.