Showing posts with label Financial Aid. Show all posts
Showing posts with label Financial Aid. Show all posts

Wednesday, February 10, 2021

Senator Grace Poe Pushes For Another Round of Financial Aid

11:13:00 PM


Senator Grace Poe is urging the Executive Branch to provide another round of social amelioration to families amidst rising food prices and the economic downturn due to the COVID-19 pandemic.

“Families have been hit hard not once but twice. First it was the pandemic-induced lockdowns and economic burnout. Now they are hit by rising food prices. No matter how we look at it, another round of cash aid is really necessary,” said Poe.

According to the Philippine Statistics Authority, household spending on food grew by 5% while spending on health and education were slashed by 1.9% and 11.9 % respectively. Inflation also rose to 3.8 % for the 4th quarter of 2020, driven primarily by spikes in food prices.

“No family should be forced to choose between food and other necessities, especially amidst this pandemic,” Poe stated.

Poe specifically noted that cash aid would be helpful for the bottom 30% of families, which allocate around 50% of their income on food expenses.

“This will be a huge help for poor families who spend nearly half of their budget on food alone. If we subsidize their food, then they will have extra cash to spend on other necessities,” said Poe.

Previously, over P115 billion in cash subsidies of social amelioration was provided to 20 million beneficiaries under the Bayanihan to Heal as One and Bayanihan to Recover as One laws.

However, the Department of Budget and Management and the Department of Finance are hesitant to support another round of aid due to the potential price tag. Bills filed in the House and the Senate vary as to the cost of pandemic relief, which ranges from P250 billion to P800 billion.

“The cost of passing another round of aid is less than the catastrophic impact to poor families if they are allowed to starve or go bankrupt due to rising food prices. It’s time for us to give and not count the cost,” said Poe.

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