LTFRB eyes release of P2.5-B fuel subsidy within March

HIGHER PUMP PRICES Fuel prices are again increasing this week, prompting the transport sector to seek government intervention. INQUIRER FILE PHOTO

MANILA, Philippines — The Land Transportation Franchising and Regulatory Board (LTFRB) is aiming to release the P2.5 billion fuel subsidy for public utility drivers within this month, an agency official said Wednesday.

LTFRB executive director Kristina Cassion said the agency is currently waiting for the Department of Budget and Management (DBM) to download the funds, upon which the LTFRB will distribute the funds to more than 377,000 beneficiaries.

This covers public utility jeepneys, buses, UV express vans, taxis, transport network vehicle service, tricycles and deliveries.

“Target natin by March, this March maire-release na ang pondo once na-download ng DBM ‘yung funds at sabi naman nila within this month ay kanilang maire-release na ‘yung pondo ay makakapag-distribute na agad ang LTFRB,” Cassion said in a Laging Handa briefing.

(Our target is to release the funds in March. The funds will be released this March once the DBM has downloaded it and said it will download it within this month. We will distibute it immediately.)

A group of jeepney drivers and operators wants the government to release immediately the much-anticipated fuel subsidy that it announced last week amid rising global oil prices following Russia’s invasion of Ukraine.

For its part, the DBM is only waiting for the joint memorandum circular from the agency, Department of Transportation and the Department of Energy for it to release the funds.

“‘Yun na lang inaantay namin. Nakaumang na actually ‘yung release documents. Once makarating sa amin ‘yun, pipirmahan at isasabay na namin ‘yung release documents for that,” acting DBM Secretary Tina Canda said in the same briefing.

(We are only waiting for that. The release is ready. Once we receive the document, we will sign it and we will release the documents for that.)

She, however, said that the government must wait that the price of oil reaches $80 per barrel before it can release the funds.

Canda said upon 24 hours of receipt of approval, the DBM can already download the funds to the DOTr.

She explained that the funds will be sourced from excess revenue that were not included in the computation of the 2022 budget.

JPV