LTFRB to distribute fuel subsidy next week
MANILA, Philippines — Amid the soar in petroleum prices, the Land Transportation Franchising and Regulatory Board (LTFRB) on Thursday announced that it will begin distributing fuel vouchers to qualified public utility vehicle (PUV) drivers next week.
“We confirm that the funds have already been released by the DBM (Department of Budget and Management) and the LTFRB will start distributing [the subsidy] next week,” LTFRB Executive Director Kristina Cassion told reporters.
READ: DBM releases P3 billion fuel subsidies, discounts amid surging oil prices
An exact date, however, has yet to be determined.
“Bukas pa namin malalaman po after the meeting with Land Bank po kung kelan ‘yung exact date next week,” she added.
(Tomorrow we will know after the meeting with the Land Bank when the exact date will be.)
According to LTFRB, the subsidy will be released in the form of fuel cards or vouchers to 377,000 target beneficiaries.
This is the first tranche of the program amounting at P2.5 billion, another P2.5 billion is set to be released for the second tranche in April.
The fuel subsidy program was introduced to alleviate the economic effects of the conflict between Russia and Ukraine — as fuel prices are expected to further rise due to the war.
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