President Marcos Jr. Orders Financial Aid for Sectors Hit by Oil Price Hikes
President Marcos Jr. has instructed government agencies to provide financial assistance to public utility vehicle drivers, farmers, and fisherfolk to lessen the impact of rising oil prices. Despite global oil prices dropping to $69 per barrel, the government is preparing to roll out subsidies if prices reach $80 per barrel. The Department of Energy has allocated P2.5 billion for this initiative, with ongoing meetings among relevant agencies to ensure smooth distribution of aid.
President Ferdinand Marcos Jr. instructed government agencies to provide financial aid to public utility vehicle drivers, operators, farmers, and fisherfolk to mitigate the impact of oil price increases, according to the Department of Energy (DOE).
The global oil price has dropped to $69 per barrel from the recent 'high 70s,' with the government considering subsidies if it reaches $80 per barrel, as stated by Malacañang.
DOE Undersecretary Sharon Garin mentioned in a briefing that the industry has stabilized due to lower oil prices resulting from tensions between Iran and Israel. Despite the positive news, the President emphasized the need to protect Filipinos from oil price hikes, particularly those using public transportation, farmers, and fishermen. An allocation of P2.5 billion has been set aside for this purpose.
Meetings involving DOE, Department of Transportation (DOTr), Department of Agriculture, and Land Transportation Franchising and Regulatory Board (LTFRB) are ongoing to ensure the efficient distribution of subsidies.
While no specific timeline was provided for the release of cash assistance, the DOTr and DA will determine the distribution details. The total amount allocated is P2.5 billion for public utility vehicles, with the exact distribution depending on the number of recipients. The agencies are prepared to disburse the aid once the signal is given.
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