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Friday, March 29, 2024

LandBank UCT payouts for 5k MisOr indigent reach P12.9 million

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The Land Bank of the Philippines recently released cash payouts under the Unconditional Cash Transfer Program of the Department of Social Welfare and Development amounting to P12.9 million to 5,386 beneficiaries in separate events in the province of Misamis Oriental.

LandBank UCT payouts for 5k MisOr indigent reach P12.9 million
LANDBANK employees distribute cash grants to UCT beneficiaries in Misamis Oriental.

The first cash pay-out was held last Aug. 10 in the Municipality of Initao, Misamis Oriental for 2,006 “Social Pension” and 1,328 “Listahanan” UCT beneficiaries from 11 barangays – Aluna, Andales, Calacapan, Gimangpang, Kanitoan, Pagahan, Poblacion, San Pedro, Sinalac, Tawantawan, and Tubigan.

This was followed by two more pay-out events on August 13 to 14 and August 20 for 1,436 “Social Pension” and 616 “Listahanan” UCT beneficiaries from 10 barangays in Naawan, Misamis Oriental, composed of Barangays Don Pedro, Linangkayan,  Lubilan, Mapulog, Maputi, Mat-i, Patag, Poblacion, Tagbalogo, and Tuboran.

The beneficiaries, who each received P2,400 in cash, were mostly farmers, fishermen, and senior citizens.

The UCT Program is the tax subsidy provided under the Tax Reform for Acceleration and Inclusion Law. 

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It aims help the marginalized 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 tax and the expansion of the value-added tax 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 P200 a month for 2018 and P300 a month for 2019 and 2020.

LandBank UCT payouts for 5k MisOr indigent reach P12.9 million
LANDBANK employees distribute cash grants to UCT beneficiaries in Misamis Oriental.

As part of its support to the development programs of the national government, LANDBANK has been designated as the conduit for the pay-outs to the UCT Program beneficiaries – of which a considerable number are farmers and fishers.

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