LTFRB: P703M in fuel subsidies released to beneficiaries

Some P703 million worth of fuel subsidies have been released amid the successive hikes in domestic pump prices, the Land Transportation Franchising and Regulatory Board (LTFRB) announced Tuesday.

According to LTFRB Executive Director Tina Cassion, the fuel subsidies cover a total of 108,164 beneficiaries who received P6,500 per unit in line with the Pantawid Pasada Program.

The government has allocated an initial P2.5 billion to provide fuel vouchers for some 377,000 qualified public utility vehicle drivers across the country, amid the successive pump price hikes.

“Pinapa-alalahanan ang mga operators / drivers, na ang halaga na kanilang matatanggap na fuel subsidy sa ilalim ng programang ito ay maaari lamang gamitin para sa pagbili ng kailangan nilang krudo,” Cassion said in a statement released to reporters.

[We remind operators and drivers that the fuel subsidy they receive under this program can only be used to buy crude.]

Under the Pantawid Pasada Program, drivers of public utility vehicles (PUVs) are given financial aid to counter the higher prices of petroleum products which have been on an uptrend in 11 out of the past 12 weeks.

Oil firms implemented a rollback on Tuesday, but this will not be enough to offset the 11 weeks of successive hikes as these are lower than the increase implemented in the past week alone.

“Patuloy ang LTFRB sa pag-proseso ng fuel subsidy sa iba pang mga benepisyo. Nakikipag-ugnayan ang ahensya sa Land Bank of the Philippines para mapabilis ang implementasyon ng buong programa,” Cassion said.

[The LTFRB continues to process the fuel subsidy for other beneficiaries. It is coordinating with other agencies such as the Land Bank of the Philippines to expedite the implementation of the whole program.]

The Department of Transportation (DOTr) last week said that jeepney drivers will be the first beneficiaries of the program, but other modes of transportation will have to wait until the second quarter due to logistical issues. — RSJ, GMA News