AMID mounting calls for a halt to excise taxes on petroleum products, the government on Monday announced the rollout of a fresh round of fuel subsidies.
The government said it is releasing P1 billion to the Land Transportation Franchising and Regulatory Board (LTFRB) to provide cash grants to around 178,000 public transport drivers to cushion the impact of increasing oil prices.
The Cabinet-level Development Budget Coordination Committee (DBCC) said in a statement on Monday that it is committed to support the transportation sector, amid the increase in oil prices.
“The government shall release P1.0 billion to the Land Transportation Franchising and Regulatory Board (LTFRB) to provide cash grants to around 178,000 bonafide Public Utility Vehicles (PUV) drivers for the remaining months of the year. This will be distributed using the system established under the Pantawid Pasada Program of the LTFRB,” it said.
Moreover, the DBCC said the funds to be used for this purpose shall be charged against the Unprogrammed Appropriations under the support for Infrastructure Projects and Social Programs from this year’s national budget. Transports groups earlier filed a petition for fare hike before the LTFRB but they have since agreed to put their petition on hold until they receive the cash subsidy from the