The administration of President Ferdinand R. Marcos Jr. affirmed its readiness to deploy vital subsidies to public utility vehicle (PUV) drivers and operators, as well as the nation’s farmers and fisherfolk, as a proactive measure to cushion the impact of potential oil price shocks stemming from the ongoing Middle East conflict.
Department of Energy (DOE) Officer-in-Charge Sharon Garin, in a press briefing held in Malacañang on Tuesday, emphasized the President’s unwavering commitment to protect the Filipino people, especially the vulnerable sectors, from economic disruptions caused by global energy market volatility.
Garin noted a recent easing of international crude oil prices to USD69 per barrel, down from over USD70, following an announcement by US President Donald Trump regarding a ceasefire between Iran and Israel. However, she underscored that despite this positive development, President Marcos Jr. has directed government agencies to ensure preparedness.
“But even if we have good news this morning, the President’s order is still to ensure we protect the Filipino people from the impact of the oil price hike, especially those using public utility vehicles, our farmers, and our fisherfolks,” Garin stated.
To this end, the Department of Transportation (DOTr), the Department of Agriculture (DA), and the Land Transportation Franchising and Regulatory Board (LTFRB) are actively coordinating to finalize the mechanisms for swift and efficient subsidy distribution.
A total allocation of PHP2.5 billion has been earmarked for PUV drivers and operators. While the specific amount each beneficiary will receive is yet to be determined, the DOE, DA, and DOTr are working diligently to complete the list of recipients and logistics for disbursement. The DOTr has declared its readiness to release funds upon presidential directive.
Additionally, PHP600 million has been allocated under the General Appropriations Act to support farmers and fisherfolk.
The proactive stance comes amidst concerns over the Strait of Hormuz, a critical global energy conduit. The ongoing conflict between Iran and Israel could potentially disrupt shipping and crude oil flow through this vital passageway, which handles nearly one-third of the world’s seaborne oil and about one-fifth of global liquefied natural gas (LNG) shipments, thereby risking upward pressure on oil prices and a broader impact on the global economy.
The Marcos Jr. administration remains vigilant and committed to implementing measures that safeguard the welfare of Filipinos against external economic pressures.
