The Land Transportation Franchising and Regulatory Board (LTFRB) has started preparations for possible distribution of fuel subsidy to thousands of public utility vehicle (PUV) operators who are expected to suffer the brunt of the oil price surge amid the escalating conflict in the Middle East.
LTFRB Chairperson Atty. Vigor D. Mendoza the preparation in response to the directive of Transportation Secretary Giovanni “Banoy” Z. Lopez, who earlier said that the national government has earmarked around PHP2.5 billion for fuel subsidy of all those in the public transportation sector. This is in line with the instruction of President Ferdinand “Bongbong” R. Marcos, Jr. to ensure maximum assistance to drivers and operators amid the escalating tensions in the Middle East.
Chairperson Mendoza said the fuel subsidy that would be received is a one-time, big-time assistance package that will cover more than a month of increase in the prices of petroleum products.
The preparations include the necessary coordination and documentary requirements intended to ensure that the funds will be immediately downloaded to the beneficiaries as soon as there is already a go signal for the fuel subsidy distribution.
“Our job is to make sure a fast distribution system the moment the funds are available. Ito naman ang bilin sa atin ni Secretary Banoy na ayusin na ang mga dapat ayusin this early para ma-distribute na agad pag available na ang pondo,” said Chairperson Mendoza.
“So this is what we are doing right now to make sure that the distribution would be fast and efficient when the time comes,” said Mendoza, assuring that no one would be left behind.
Among those being focused on, according to him, is making sure that all the operator-beneficiaries will have the cards where the fuel subsidy will be downloaded through the LandBank.
The fuel subsidy is distributed when the price of oil reaches $80 per barrel in the world market.
Experts earlier warned that the prolonged tensions in the Middle East would result in higher oil prices and based on the latest projection, the $80 per barrel is most likely to happen.
“We are ready. We have the list and our coordination with other government agencies and other stakeholders are ongoing specifically for this purpose,” said Chairperson Mendoza.
“This serves as an assurance that the government will take care of the public transport sector amid this challenge. Magtutulungan po tayo dito para sa kapakanan hindi lamang ng mga operator at driver pati na din ang mga mananakay,” he added.
Chairperson Mendoza said they have also started coordinating with the Landbank on how to further expedite the downloading of the fuel subsidy fund once it is already available.
He said LTFRB Regional Directors were already instructed to coordinate with the transport sector in their respective areas for the preparations.
