Following the national government’s thrust of an inclusive financial system, the Department of Social Welfare and Development (DSWD) has shifted to a more efficient and safe transaction account for cash grants distribution and other financial transactions for the beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps).
With the shift from a cash card to a transaction account, the 4Ps beneficiaries can now receive funds from other sources and store their money in the account which can help them save more money and empower them to become more financially independent.
In addition, beneficiaries no longer need to line up in an automated teller machine (ATM) or go directly to the bank to deposit their money, thus, reducing travel costs and other expenses. Most importantly, transaction accounts are a safe, secure, and efficient way to save more money without the need to enroll in a separate bank account.
The 4Ps transaction account is in the form of a deposit account or e-money or e-wallet.
The 4Ps beneficiaries used to receive their cash grants through their cash cards. Cash cards have limited features such as cash withdrawal through an ATM or over-the-counter. They cannot deposit nor receive money from other sources.
The transition to transaction accounts aims to empower 4Ps beneficiaries to be more financially independent and upskill them to manage their finances effectively and to access financial services responsibly.
Also part of this transition is the conduct of financial literacy sessions through the Family Development Sessions. In the previous year, beneficiaries have been provided with foundational topics on financial literacy such as financial planning, budget and saving; and introduction of transaction accounts. This year, additional topics will be provided along with the basics of banking and consumer protection.
With this effort, DSWD has aligned with the national financial inclusion strategy which is expected to transform the country into a more financially inclusive and empowered society.
The DSWD commits to assist more families to be self-sufficient through the 4Ps and its other programs and shall continue to deliver its social protection efforts able to contribute to building poverty-free communities.
4Ps is a national poverty reduction strategy and a human capital investment program of the Philippine government, led by the DSWD, that invests in the health, nutrition, and education of poor eligible households. ###