HIGHER PUMP PRICES Fuel prices are again increasing this week, prompting agriculture workers to seek help from the government. (INQUIRER / FILE PHOTO)
MANILA, Philippines — The Development Budget Coordination Committee (DBCC) on Thursday announced the government’s preparation to release P3 billion in subsidies to help mitigate the impact of increasing fuel prices in the transportation and agricultural sectors.
“Given recent developments, the government remains ready to provide targeted relief assistance and support to address the impact of the oil price hike for affected sectors, especially Public Utility Vehicle (PUV) drivers, farmers, and fisherfolk,” said the DBCC in a statement.
According to the committee, which is composed of the Finance, Budget and Economic Development agencies, the government is preparing to release P2.5 billion for the Fuel Subsidy Program of the Department of Transportation.
“This aims to provide fuel vouchers to over 377,000 qualified PUV drivers who are operating jeepneys, UV express, taxis, tricycles, and other full-time ride-hailing and delivery services nationwide,” the DBCC said.
Another P500 million is also allotted to the Department of Agriculture to provide fuel discounts to farmers and fishermen.
“This will help mitigate the impact of elevated fuel prices on production and transport costs of farm and fishery products,” the DBCC said.
Citing the Banko Sentral ng Pilipinas, the DBCC said that the Dubai crude oil price for this year is projected to average at $83.3 per barrel.
This is also expected to decelerate to $79.0 by the end of this year based on the latest oil futures.
Earlier, Brent crude breached $100 per barrel for the first time in seven years after Russia invaded Ukraine.