P3-billion fuel subsidy out soon

A total of 1.36 million public transport drivers and operators will receive their respective financial grants after the Department of Budget and Management or DBM approves a P3 billion budget to help them cope with spiking fuel prices.

Thus, Transportation Secretary Jaime Bautista has ordered the Land Transportation Franchising and Regulatory Board to immediately distribute the fuel assistance to PUV drivers once the funds have been downloaded to the agency.

"Now that the funds have been approved by the DBM, we will make sure that our PUV drivers get immediate assistance," Bautista said in a press statement on Friday.

Under the Joint Memorandum Circular No. 2, the fuel subsidy covers PUVs, including jeepney, UV Express, minibus, and bus drivers, shuttle service drivers, taxi drivers, tourist transport service drivers, school transport service drivers, ride-hailing service drivers, delivery service and tricycle drivers.

To date, about 280,000 units will receive the one-time cash grant from the agency, while 930,000 tricycle drivers and operators and an estimated 150,000 delivery service riders will receive assistance from the Department of Interior and Local Government and Department of Information and Communications Technology, respectively.

The transport regulator will distribute P10,000 to Modern Public Utility Jeepney and Modern UV Express operators, while operators of other modes of transport will receive P6,500.

Tricycle and delivery riders, on the other hand, are set to receive P1,000 and P1,200 assistance, respectively.

The financial assistance will be distributed to beneficiaries through digital banking such as e-wallets, bank accounts, or Fuel Subsidy Cards that can be used at some selected gas stations.

For the ninth consecutive week, oil companies increased fuel prices starting Tuesday due to ongoing production cuts implemented by leading oil producers.

The prices of diesel sold at the local pumps will increase by P1.20 per liter. Kerosene prices, on the other hand, will also go up by P1.10 per liter, and gasoline prices, by a slight P0.50 per liter.