The Market Monitor Minding the Nation's Business
Public utility vehicle (PUV) operators and drivers will receive a higher fuel discount starting Aug. 15 after the government approved a ₱2-per-liter increase in the subsidy, Executive Secretary Ralph Recto announced.
The fuel discount will rise to ₱12 per liter from the current ₱10, benefiting more than 93,000 qualified PUV operators and drivers nationwide as they cope with rising fuel prices.
According to the Office of the Executive Secretary, the enhanced subsidy could help beneficiaries save up to ₱1,800 a week, easing the impact of higher fuel costs on their daily operations.
The increase was approved during a Cabinet meeting chaired by Recto at Malacañang, where officials discussed additional measures to cushion the effects of rising global oil prices on the economy and help stabilize public transport fares and the prices of basic goods.
Among those who attended were Budget Secretary Kim de Leon, Public Works Secretary Vince Dizon, Social Welfare Secretary Rex Gatchalian, Transportation Secretary Giovanni Lopez, Education Secretary Sonny Angara, Health Secretary Jose Pujalte Jr., and Agriculture Undersecretary Roger Navarro.
The government attributed the recent spike in fuel prices to renewed geopolitical tensions in the Middle East, particularly between the United States and Iran, which have raised concerns over potential disruptions in global oil supply through the Strait of Hormuz.
Recto also directed the Department of Social Welfare and Development to continue implementing the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) program, which provides livelihood, food, transport, and other assistance to Filipinos affected by the ongoing Middle East crisis. ROMEO SUALIBIOS