NEDA proposes doubling fuel subsidy for PUVs, new vouchers for farmers

The National Economic and Development Authority (NEDA) has proposed a P6 billion fuel subsidy and discount voucher program for public transport drivers and farmers to mitigate the impact of rising fuel prices due to Russia's invasion of Ukraine.

NEDA Secretary Karl Chua suggested increasing the fuel subsidy for public transport drivers from P2.5 billion to P5 billion, and providing farmers and fisherfolk with P1.1 billion in fuel discount vouchers.

Chua also recommended shifting the entire country to Alert Level 1, suspending pass-through fees in industrial parks and local government units, continuing work with private firms for promotional discounts, increasing petroleum buffer stock to 45 days, implementing energy conservation measures, promoting e-vehicles and bicycle use, and expanding access to charging stations.

The first tranche of the PUV subsidy is targeted for distribution in March, with the second tranche scheduled for April.