Malacañang on Friday, June 27, assured that government is ready to provide fuel subsidies to public utility vehicle (PUV) drivers, farmers, and fisherfolk if global crude prices rise anew.
The grant of subsidies will depend on actual market movements, Palace Press Officer Claire Castro said.
The government continues to monitor the situation in Israel and Iran amid tensions between the two Middle East countries, she said.
In a Palace press briefing, Castro assured the public that the welfare of the transport workers, farmers and fisherfolk is among the priorities of President Ferdinand R. Marcos Jr.
“There may be times when in this kind of situation, the President will not be able to decide immediately because it depends on the current situation,” she said.
Castro stressed that for now, there is no need for fuel subsidy because the global price of crude oil only reached USD65 to USD68 per barrel.
The government has allotted P2.5 billion for the Fuel Subsidy Program (FSP) to assist over 1.1 million transport workers, if global oil prices surpass the USD80 per barrel threshold amid the Israel-Iran conflict.
The program will benefit an estimated 1,132,407 individuals, including 258,712 PUV operators and drivers, 723,695 tricycle drivers, and 150,000 ride-hailing application drivers.*PNA