MANILA, Philippiness- President Ferdinand Marcos Jr. on Tuesday directed government agencies in the Philippines to distribute financial aid to public utility vehicle (PUV) drivers and operators, as well as farmers and fisherfolk affected by recent oil price hikes, according to the Department of Energy (DOE).
Despite a recent decrease in global oil prices to $69 per barrel from the “high 70s,” the government plans to provide subsidies once prices reach the $80 per barrel threshold, Malacañang noted.
DOE officer-in-charge Undersecretary Sharon Garin, in a briefing at the Palace, confirmed that the oil industry had calmed amidst ongoing tensions between Iran and Israel, contributing to the lower prices.
Garin emphasized that despite the positive news on oil prices, President Marcos ordered the protection of Filipinos, particularly those using PUVs, farmers, and fishermen, from the adverse effects of the oil price hikes.
A budget of P2.5 billion has been allocated for the subsidy initiative, Garin stated.
The DOE, Department of Transportation (DOTr), Department of Agriculture (DA), and the Land Transportation Franchising and Regulatory Board (LTFRB) are currently meeting to ensure these agencies are prepared to distribute the subsidies.
Garin did not provide a specific timeline for the release of the cash assistance, noting that this decision primarily rests with the DOTr and DA.
“There is no definite amount yet,” Garin said. “We have P2.5 billion for subsidy for PUVs. But the individual distribution, how much will be received by each recipient, it probably depends on who will receive and how many will receive.”
The DOE and DA, in coordination with DOTr, are working to determine the number of recipients and identify actual beneficiaries of the aid.
Garin added that the DOTr is prepared to disburse the funds as soon as they receive the signal.