President Ferdinand Marcos Jr. has approved a service contracting program for public utility vehicles, a P10-per-liter fuel subsidy starting April 15, and the release of P8 billion in assistance for over 42,000 barangays nationwide to cushion impacts from the Middle East crisis such as higher fuel prices, a weaker peso, and threats to livelihoods, Malacañang said Thursday.
PUV drivers will receive additional income of P40 to P100 per kilometer, while commuters get at least 20% fare discounts on routes linked to trains and major bus lines.
Economic managers are set to meet today to submit proposals to President Ferdinand Marcos Jr. addressing soaring oil prices from the Middle East war. Presidential Communications Undersecretary Claire Castro said the Development Budget Coordination Committee discussed measures including fuel excise taxes. The UPLIFT committee meeting is also scheduled.
The Philippine government would need P429 billion to fund support and relief if the Middle East conflict extends until December, according to the Department of Economy, Planning and Development. Secretary Arsenio Balisacan presented the estimates at yesterday's Senate PROTECT committee hearing. The measures include transport support, fuel and fertilizer subsidies, and social protection for the poor.
Senator Sherwin Gatchalian is urging the government to mobilize an inter-agency response to protect jobs and provide financial lifelines to micro, small, and medium enterprises struggling from the economic fallout of the Middle East conflict.
He warns that the current fuel crisis will severely impact the labor market.
The Department of Agriculture has begun rolling out P10-billion cash assistance for about 4.17 million registered agricultural workers under the Presidential Assistance for Farmers and Fisherfolk Program. Farmers and fisherfolk nationwide are each expected to receive P2,325 amid rising production costs due to the ongoing US-Israel war on Iran. Agriculture Secretary Francisco Tiu Laurel Jr. described it as a lifeline for those hit by soaring petroleum prices.