Philippine President Ferdinand R. Marcos Jr. on Monday announced a series of government interventions aimed at easing the impact of rising oil prices triggered by tensions in the Middle East.

The President announced that the Department of Social Welfare and Development (DSWD) will begin distributing PHP 5,000 cash assistance to 139,000 tricycle drivers in 17 Metro Manila local government units starting today. 

The aid will later extend to tricycle drivers outside Metro Manila, while jeepney and transport network vehicle service (TNVS) operators are set to receive similar cash relief in the coming days. 

“Ngayon, higit kailanman, kailangan natin ang pagtutulungan ng bawat isa. Walang iwanan, walang maiiwan sa pagharap natin sa hamong ito,” he said. (“Now, more than ever, we need everyone’s cooperation. No one will be left behind in facing this challenge.”)

The Department of Transportation will also release fuel subsidies for transport workers in the last week of March.

Farmers and fisherfolk will receive fuel subsidies ranging from PHP 2,000 to PHP 3,000, while the government is urging local government units to halt pass-through fees that inflate goods prices.

On the legislative front, President Marcos certified as urgent two measures aimed at reducing petroleum excise taxes and amending the Biofuels Act to allow cheaper bioethanol use. 

“Maliban dito, na-certify ko na bilang urgent ang dalawang panukalang batas na magbabawas sa excise tax sa petrolyo at mag-aamyenda sa Biofuels Act upang maagamit natin ang mas murang bioethanol,” he said (“In addition, I have certified as urgent two bills that will reduce excise tax on petroleum and amend the Biofuels Act to allow the use of cheaper bioethanol”).

The Presidential Communications Office also announced that the government is also continuing its Love Bus Program, offering free rides in Metro Manila, Metro Cebu, and Metro Davao to help commuters manage costs. 

To reduce consumer costs further, aviation-related charges are being lowered and the Civil Aeronautics Board has shortened the fuel surcharge review period from 30 to 15 days, enabling faster fare adjustments.

President Marcos directed agencies to review licenses, permits, and certification processes to identify opportunities to suspend or reduce fees. 

“Asahan ninyo ang patuloy naming paggawa ng mga hakbang upang maibsan ang mabigat na epekto ng kaganapan sa Gitnang Silangan sa taong-bayan,” President Marcos said. (“Expect our continued steps to mitigate the severe impact of Middle East developments on the public.”)

How effective will these subsidies and legislative moves be in stabilizing fuel prices and safeguarding the transport and agriculture sectors?

Follow Power Philippines on Facebook and LinkedIn or join our Viber community for more updates.