The Marcos administration is prepared to distribute fuel subsidies to public utility vehicle (PUV) drivers, operators, farmers, and fisherfolk to cushion the impact of global oil price fluctuations, particularly due to tensions in the Middle East, the Department of Energy (DOE) said Tuesday, June 24.
In a Malacañang briefing, DOE Officer-in-Charge Sharon Garin noted a slight drop in international crude oil prices to USD 69 per barrel, following news of a ceasefire between Iran and Israel. However, she said President Marcos has instructed agencies to remain ready to assist vulnerable sectors.
Marcos admin ready to disburse subsidy to PUV drivers, farmers, fisherfolks amid oil price volatility
“Pero kahit may good news tayo ngayong umaga, ang utos pa rin ng Presidente is we make sure that we protect the Filipino people from the impact of the oil price hike, most especially those na gumagamit ng public utility vehicles, our farmers and our fisherfolks,” said Garin.
The Department of Transportation (DOTr), Department of Agriculture (DA), and Land Transportation Franchising and Regulatory Board (LTFRB) are coordinating subsidy preparations. A total of P2.5 billion is allocated for PUV drivers and operators, though individual subsidy amounts are still being finalized. Another P600 million is earmarked for farmers and fisherfolk under the 2025 national budget.
Garin said the list of beneficiaries and logistics are being finalized, but the DOTr is ready to disburse funds once given the go-ahead.
The ongoing Iran-Israel conflict threatens to disrupt oil shipments through the Strait of Hormuz—a vital global energy route that handles about one-third of seaborne oil and one-fifth of LNG shipments—potentially driving prices higher and affecting global markets.IMT
