The Pantawid Pamilyang Pilipino Program (4Ps) is a conditional cash transfer (CCT) program to alleviate socio-economic conditions in the Philippines, addressing Sustainable Development Goals (SDGs) 1 (No Poverty) and 4 (Quality Education). It attempts to address poverty, which is a risk factor to education among Filipinos. However, the program impact on education and economy remains understudied. This paper investigated the recipients of the CCT and analyzed parental involvement and its influence on students’ academic achievement. In this study, parental involvement refers to parenting, learning at home, volunteering, school decision-making, collaborating, and communicating, while academic achievement pertains to the students’ academic performance in the core learning areas: Science, Mathematics, English, and Filipino. Using a descriptive-correlation method, the respondents were randomly selected comprising 306 parents and 306 students in Tarragona District, Davao Oriental, Philippines. The data were analyzed using Spearman Rho Correlation and Confirmatory Factor Analysis (CFA). The results showed there was no statistical correlation between parental involvement and student’s academic achievement. Parents had low involvement in learning at home, volunteering, and school decision-making. On the other hand, the students demonstrated high academic achievement in the core learning areas. The significant step of the Philippine government for education through the CCT is an effective approach to keeping children in school. Emphasis must be placed on strengthening parental involvement in children’s education to ensure academic success.