Pangilinan seeks swift release of P500-million subsidy to farmers, fishers amid oil spike

Vice presidential candidate Senator Francis "Kiko" Pangilinan has called for the immediate release of the P500 million in government subsidy for farmers and fisherfolk under the P5.5 trillion national budget for 2022 amid the unabated oil price increases.

"Fuel [tax] suspension agad-agad, [at iyong] pag-release ng P500 million na subsidy sa ating farmers and fisherfolk sa 2022 budget," Pangilinan said during his e-rally on Monday.

(The excise tax on fuel should be suspended and the P500 million subsidy for farmers and fisherfolk should be immediately released.)

Pangilinan made the call as oil prices hit above $105 a barrel for the first time since 2014 after Russia launched unprovoked attacks on Ukraine's separatist regions.

Subsequent economic sanctions were slapped on Russia due to its invasion of Ukraine which stopped the Nord Stream 2 gas pipeline project, freezing of Moscow's bank deposits, halting military exports to Moscow, among others.

Pangilinan then said the additional state assistance to the transport sector worth P25 billion should also be released. This would benefit vehicles used for delivery of essential goods as well as tricycle, taxi and ride hailing app Grab.

The P5.5 trillion national budget also provided P5 billion worth of additional fuel subsidy under the unprogrammed fund, meaning this will only be released if there are enough government funds that can be dispensed.

Pangilinan said that Russia's aggression on Ukraine will continue to increase oil prices, which will subsequently hike food prices.

"The government should look for ways so this unprogrammed fund could also be released," he added.—LDF, GMA News