(Eagle News) – The government said that it would expedite the release of the second tranche of fuel subsidies for the transport sector, considering the continuing high prices of fuel, Finance Secretary Benjamin Diokno said on Wednesday, July 5.
The Finance chief also said that the distribution of the first tranche of the P6,500 fuel subsidy for public utility vehicle drivers would be finished within the week.
His pronouncements came after President Ferdinand Marcos Jr., announced the expansion of fuel subsidies in the transport sector to include tricycle drivers,
In his first press briefing on Tuesday, July 5, President Marcos assured the public that the government has the budget for the fuel subsidy distribution.
“We have enough budget I think to last for most of this — for this year and a little bit beyond. But we still have to find that money if we’re going to continue,” he said.
Marcos said that the continuation of the fuel subsidies was discussed during the cabinet meeting.
“We are going to try not only to continue the fuel subsidies for the transport sector but to expand it to include the tricycles, which up to now have not been included,” he said.
Marcos said that during the meeting with his economic team, they discussed how they are “going to manage the funding for the additional fuel subsidies.”
Finance Secretary Diokno said that the fuel subsidies scheme was that which was laid down in the previous Duterte administration.
He said that the Marcos administration will just continue this, but this will be expanded.
“Now considering the oil prices are expected to remain in the near term, the government will expedite the release of the second trance of subsidies for the transport sector,” he said in press briefing on Wednesday, July 6.
“In other words, President Marcos will continue to fuel subsidy that was put in place by the former president Duterte,” he said.
Diokno said that this will be funded from the windfall tax from fuel oil.
(Eagle News Service)