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DBM releases over P87M for tobacco industry support

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Tobacco News

Tobacco Industry,Tobacco Farmers

The Department of Budget and Management (DBM) said Thursday it has approved the release of over P80 billion worth of funds to support the local tobacco industry.

The Department of Budget and Management said Thursday it has approved the release of over P80 billion worth of funds to support the local tobacco industry.In a news release, the DBM said Budget Secretary Amenah Pangandaman approved the release of Notice of Cash Allocation , on May 9, amounting to P87.632 million for the National Tobacco Administration's second quarter requirement.The Budget Department said the release of funds answers the call of President Ferdinand Marcos Jr.

The NTA, an attached agency under the Department of Agriculture, is the sole government body that oversees and regulates the growth and development of the tobacco industry.For the fiscal year 2024, the NTA has an authorized appropriation of P550.504 million.Of the said amount, P175.276 million has already been issued a corresponding Notice of Cash Allocation to fulfill the agency's requirements for the first semester.

Source: News Formal (newsformal.com)

Tobacco Industry Tobacco Farmers

 

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