MANILA – Some 178,000 bonafide public utility vehicle (PUV) drivers are set to benefit from the PHP1-billion fuel subsidies that will be released through the Land Transportation Franchising and Regulatory Board (LTFRB).
This, as global oil prices continue to rise to over USD80 per barrel and have affected domestic fuel prices.
In a statement on Monday, the inter-agency Development Budget Coordination Committee (DBCC) said the cash aid will be disbursed to the drivers in the remaining months of 2021 using the LTFRB’s Pantawid Pasada Program.
“The funds will be charged against the FY (fiscal year) 2021 Unprogrammed Appropriations under the Support for Infrastructure Projects and Social Programs,” the DBCC statement said.
The economic managers said they are “committed to support our transportation sector amidst the increasing oil prices.”
Oil companies have announced another round of fuel price hikes for this week, the eighth consecutive week of price increases.
Effective Oct. 26, 2021, gasoline prices will jump by around PHP1.15 per liter and diesel by around PHP0.45 per liter. (PNA)