NextGen Day

MANILA, Philippines — As skyrocketing oil prices continue to take a toll on public utility vehicle (PUV) drivers, the government has confirmed that funds have been allocated for the supply of gasoline subsidies.

In a Palace briefing on Friday, Cabinet Secretary Karlo Nograles, who is also the acting presidential spokesperson, claimed that the government can grant fuel subsidies to PUV drivers under the 2022 General Appropriations Act (GAA), but that it must adhere to a ‘three-month’ guideline.

“The money will be distributed under the unique provision of a fuel subsidy program when the average Dubai crude oil price based on Mean of Platts Singapore or MOPS for three months reaches or exceeds USD80 per barrel,” Nograles explained.

He went on to say that the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) had already submitted the initial master list of fuel subsidy recipients, but that it was up to the Department of Budget and Management (DBM) to interpret the law’s ‘three-month rule’ provision before releasing the funds.

“The DBM must interpret what the words ‘three months’ mean in order for us to access the fuel subsidy program,” he continued.

On Thursday, Dubai crude oil was trading at USD91.56 per barrel, according to Investing.com. Its price has been stable after breaching the USD80 per barrel milestone on January 11th.

The average price of Dubai crude oil was USD79.83 per barrel from November 16, 2021, to February 16, 2022.

According to the Philippine News Agency, the Pantawid Pasada Program has been allotted PHP2.5 billion under the 2022 GAA, according to the Director of the Department of Energy’s Oil Industry Management Bureau Rino Abad.

“There is the Pantawid Pasada Program, which is run by the DOTr and the LTFRB. According to Abad, the initiative “mitigated the impact of a succession of oil price hikes and higher excise taxes owing to the Tax Reform for Acceleration and Inclusion (TRAIN) law.”

He claimed that in 2018, PHP900 million from the TRAIN law’s revenues went to the fuel subsidy scheme, which gave 179,852 valid public utility jeepney (PUJ) franchise holders a PHP5,000 subsidy each.

“In 2019, an additional PHP2.3 billion was allocated to offer a PHP20,515 annual subsidy.” Congress awarded the DOTr and LTFRB with PHP2.5 billion in the fiscal year 2022 to continue implementing the program,” Abad remarked.

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