DBM allocates ₱87.632 million to support the tobacco industry
Mon Lazaro May 16, 2024 at 03:44 PMDepartment of Budget and Management (DBM) Secretary Amenah “Mina” Pangandaman recently approved the release of a Notice of Cash Allocation (NCA) totaling ₱87.632 million to cover the National Tobacco Administration’s (NTA) second-quarter requirements.
This approval responds to calls from President Ferdinand Marcos Jr. and the Private Sector Advisory Council-Agriculture Sector Group (PSAC-ASG) to enhance support for the tobacco industry.
In a news statement, Pangandaman stated, “We understand that agriculture is part of the backbone of our economy. For this reason, our government ensures that every segment of our agricultural landscape receives the support and resources it needs to thrive.”
For the fiscal year (FY) 2024, the NTA has an authorized appropriation of ₱550.504 million, which was already released with an allotment through a Special Allotment Release Order.
The DBM reported that ₱175.276 million of this amount has already been issued through a corresponding Notice of Cash Allocation to meet the first semester’s requirements.
The NTA will use the budget for its operational needs, sourced from 40% of the balance of collections from specific taxes on locally made Virginia-type cigarettes and tariff duties on imported leaf tobacco. This allocation adheres to the guidelines set forth in Section 5 of R.A. No. 4155, as amended by Section 3 of R.A. No. 5447, after allocating shares for LGUs and the BIR.
Furthermore, the tobacco fund for FY 2023, amounting to ₱550.504 million, was fully released last year.
Funds for the NTA will be charged against R.A. No. 11975, the fiscal year 2024 General Appropriations Act (GAA).
📷 National Tobacco Administration FB