Philippine News Agency
NEDA exec cites importance of subsidy as oil prices soar
The National Economic and Development Authority (NEDA) announced that additional funds for fuel subsidies for public transport and agriculture sectors will be sourced from excess tax collections.
The fuel subsidy for the public utility vehicle (PUV) sector is proposed to be increased to P5 billion from P2.5 billion.
The first tranche of P2.5 billion for PUV fuel subsidy was targeted for distribution in March, with the second tranche for April.
Additionally, fuel vouchers for agricultural producers are being considered for an increase to P1.1 billion from P500 million, also for distribution in March and April.
NEDA Undersecretary Rosemarie Edillon stated that the initial tranches for both sectors are covered by the 2022 General Appropriations Act.
The additional funding requirement for the subsidies will be dependent on the tax collections in March.
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The National Economic and Development Authority (NEDA) proposed increasing the fuel subsidy and discount vouchers for public transport drivers and farmers to more than P6 billion to mitigate the effects of rising oil prices due to the Russia-Ukraine conflict.
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Malacañang announced the release of P3 billion in fuel subsidy to the Department of Transportation (DOTr) and the Department of Agriculture (DA) to help mitigate the impact of rising fuel prices.
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The national government has approved the distribution of P500 million worth of fuel subsidy for farmers and fisherfolks to mitigate the impact of rising pump prices.
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Aspiring vice president Senator Francis "Kiko" Pangilinan is urging the immediate release of the P8 billion fuel subsidy for farmers, fisherfolk, and drivers, citing the current surge in oil prices.
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