NextGen Day

A monthly fuel subsidy of at least PHP1,000 will be provided to municipal fishermen under House Bill No. 8007, also known as the “Pantawid Pambangka Act of 2023.”

The Department of Agriculture (DA) will run the monthly subsidy program, and the amount will be adjusted yearly to account for inflation.

“Despite the significant importance of the fishing industry, our fishermen remain some of the most underprivileged individuals in the basic industries. It is unfair that they generate food but are neglected and suffering the most, said AGRI Partylist Rep. Wilbert Lee, the bill’s author, in a news release on Sunday.

Municipal fishermen operating motorized fishing vessels of three gross tonnes or less within municipal waters, whether coastal or inland, and registered under BFAR’s National Programme for Municipal Fisherfolk Registration shall be the beneficiaries of the measure.

The Philippine Health Insurance Corporation will immediately ensure beneficiaries of the program once the bill is voted into law.

Beneficiaries of the Social Security System must also have access to microinsurance options.

The implementation of this Act shall be funded with an amount equal to 10% of any increase in fuel excise tax receipts, which shall be designated as a distinct line item within the DA’s yearly budget under the General Budget Act.

The municipal and aquaculture sub-sectors produced 73% of the overall production of the fisheries sector from 2011 to 2020, according to the Bureau of Fisheries and Aquatic Resources (BFAR).

According to the Philippine Statistics Authority’s early estimates for 2021 poverty data, fisherfolk had the highest poverty incidence rate at 30.6 percent, up from the 26.2 percent observed in 2018.

“We are not only emphasizing their significant contribution, but this (subsidy) may also increase their production, which will be good for consumers as well,” added Lee.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---