Marcos wants shorter trigger period for fuel subsidies, Lotillla says

Department of Energy (DOE) Secretary Raphael Lotilla said Tuesday that President Ferdinand "Bongbong" Marcos Jr. has directed the streamlining of requirements and shortening the trigger period for fuel subsidies.

At a Palace press briefing, Lotilla said Marcos called for a sectoral meeting to discuss the mitigating measures for high fuel prices.

"One, the President gave instructions on changing the language of the 2024 GAA (General Appropriations Act) provision on fuel subsidies for the transport sector in order to shorten the trigger period from three months to one month and simplify requirements," Lotilla said.

"For those of you who are not familiar with the trigger period… whenever the Dubai price per barrel exceeds 80 dollars for three months, then that will be the trigger for the provision of subsidies to the transport sector drivers – public utilities including tricycle and other public utilities," he added.

"So, with this simplification or shortening of the period, we will be able to release the subsidies in a shorter period of time," Lotilla said.

In September, the Department of Budget and Management (DBM) approved the release of P3 billion worth of funds to implement the Fuel Subsidy Program for transportation workers affected by rising pump prices.

The DBM said that Secretary Amenah Pangandaman approved the release of funding requirements for fuel subsidies for approximately 1.36 million drivers and operators affected by the series of fuel price hikes. —VAL, GMA Integrated News