MANILA - The House of Representatives of the Philippines is set to introduce financial assistance in the 2024 national budget, aimed at helping vulnerable sectors manage the potential increase in commodity prices due to El Niño.
According to Philippines News Agency, the 2024 budget will include new cash transfers and subsidies to act as a cushion for disadvantaged households. These measures are in response to the anticipated impact of El Niño on agricultural productivity and farm harvests in the coming year. Libanan highlighted the importance of these subsidies, especially in conjunction with recent regional minimum wage increases, in assisting families facing rising consumer prices.
The tripartite wages and productivity boards across 16 regions have approved wage increases ranging from PHP30 to PHP50 in the daily minimum wage for workers in private establishments, a move expected to benefit approximately 3.82 million minimum wage workers.
Speaker Martin Romualdez announced the introduction of a PHP60-billion program, Ayuda sa Kapos ang Kita (AKAP), in the 2024 budget. This program is set to provide a one-time cash payment of PHP5,000 to 12 million poor and low-income households. Additionally, the budget includes PHP30 billion for the Tulong Panghanapbuhay sa Ating Disadvantaged or Displaced Workers (TUPAD) and PHP23 billion for the Assistance to Individuals in Crisis Situation (AICS).
Libanan also mentioned that these subsidies are in addition to the PHP112.8 billion allocated for cash transfers to 4.4 million households under the Pantawid Pamilyang Pilipino Program (4Ps).
Furthermore, Congress has allocated funds in the PHP5.768-trillion 2024 national budget for a program aimed at reducing the price of quality rice. This initiative responds to President Ferdinand 'Bongbong' Marcos Jr.'s call for measures to make rice more affordable for struggling families. The program is designed to benefit seven million families, approximately 28 million individuals, with monthly rice discount vouchers, enabling them to purchase 25 kilograms of affordable, high-quality rice.
The Department of Science and Technology forecasts that at least 65 provinces in the Philippines may face moderate-to-severe drought conditions from February to May next year, attributed to a 'strong' El Niño.