LTFRB says second tranche of fuel subsidy set to begin in July
MANILA, Philippines — With oil prices continuing to skyrocket, the Land Transportation Franchising and Regulatory Board said that it was aiming for an early July payout for the second payout of fuel subsidies for drivers and operators of public utility vehicles struggling with the rising prices.
This comes days after the LTFRB also approved the provisional P1 peso fare hike petitioned by groups representing jeepney drivers, which means the fare on jeepneys now stands at a minimum of P10.
"We're targeting early July. However, it would also depend on how fast [Department of Budget and Management] can download the funds to us," LTFRB executive director Tina Cassion told reporters in a Viber message.
"LTFRB is currently preparing all documentary requirements for the release of the second tranche," she also said, adding that the LTFRB assures a much faster process of availing of the subsidy for the second tranche as all the cards have already been produced by LBP from the previous phases.
According to LTFRB data shared by Cassion, all 264,578 beneficiaries — all of whom are under LTFRB-regulated modes — should have received their disbursed subsidies through the Land Bank of the Philippines. Crediting to the account of the beneficiaries will be through top-up method, she also said.
The LTFRB also reported that of the 27,777 beneficiaries facilitated by the Department of Trade and Industry; 5,260 transactions were rejected because of invalid GCash and PayMaya accounts while 22,517 distributions over Land Bank were successful.
"We will also make sure that we prepare everything before the term ends because by next week we aim to submit to the DBM the second tranche," Cassion also told reporters in an ambush interview at the Paranaque Integrated Terminal Exchange.
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.
A number of jeepney groups have bemoaned the pace of the subsidy rollout though, saying they have yet to feel its effects in the middle of the coronavirus pandemic. Consequently, others have stopped plying their routes altogether, resulting in a reduced transport supply for commuters.
— with a report by Angelica Yang
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