“The first PHP100 billion for the first month’s cash distribution is available as certified by the Bureau of the Treasury,” divulged Finance Secretary Carlos Dominguez III, in which the half of the PHP200 billion will be distributed to people whose livelihoods were impacted by the enhanced quarantine amidst Covid-19.
The social amelioration program funding is aimed at about 80% of Filipinos affected by the quarantine, in which the Department of Social Welfare and Development (DSWD) was assigned to distribute, considering it already has the list of some of the beneficiaries.
In a different note, the Bangko Sentral ng Pilipinas (BSP) eased the restrictions on know-your-customer (KYC) requirements for financial institutions during the implementation of the enhanced quarantine and up to June 30 in order to “facilitate the delivery of welfare funds to identified beneficiaries who have no available valid IDs or transaction account.” This applies to over-the-counter and digital or online transactions.
However, the central bank added in a statement that it also introduced control measures in ensuring that individuals and groups who made the mistakes will not be able to launder money and transfer funds for terrorism financing.
Said control measures include a PHP50,0000 daily transaction limit per account. The qualified accounts will be for people or businesses in areas covered by the enhanced quarantine, in which the customers need certification of having no valid ID and that the customer’s account activities “shall be subject to ongoing monitoring.”