LTFRB distributes fuel subsidies to 68% of beneficiaries
MANILA, Philippines — The Land Transportation Franchising and Regulatory Board (LTFRB) was able to distribute P1.17 billion worth of fuel subsidies to 68% of its beneficiaries, the agency said on Thursday.
The government has been distributing fuel assistance to affected sectors, including the transportation industry, since the start of the year to cushion the impact of the rising fuel prices caused by tight supply in the global oil market.
"Based on our latest data on June 1, some 180,061 PUV (public utility vehicle) operators were given fuel subsidies worth P1.17 billion. The LTFRB is targeting to help 264,578 beneficiaries," LTFRB said in Filipino in a statement.
The remaining 84,157 beneficiaries are set to receive their fuel aid. Of the number, state bank LandBank of the Philippines has yet to process the subsidies of majority or over 57,000 recipients. The remaining ones will soon receive their ATM cards for their subsidies, LTFRB reported.
LTFRB said it is constantly coordinating with the Department of the Interior and Local Government on providing fuel assistance to tricycle drivers, but said it has not yet received the list of eligible recipients from the latter.
"We are working non-stop to complete these programs seeking to help drivers and operators in the public transportation industry," it said.
In its statement, LTFRB also reported that the Department of Trade and Industry was able to facilitate the distribution of subsidies to 9,552 delivery service operators, while over 12,900 are still being processed by Landbank.
Local oil firms slashed gasoline prices by P1.70 per liter this week, but kept diesel and kerosene prices up by P1.20 per liter, and P2.40 per liter, respectively.
This comes after gas prices rose last week and diesel and kerosene prices decreased in two straight weeks.
The global oil market was already experiencing tight supply since the start of the year, and this was partly worsened by the geopolitical war between Ukraine and Russia.
WATCH: Why is oil so expensive these days?
The Energy department has said that sentiments and speculations trigger oil price adjustments. — Angelica Y. Yang with a report from Franco Luna
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