Gov’t readies ‘targeted assistance’ as oil prices rise By Chino S. Leyco Amid calls to suspend taxes on petroleum, President Duterte’s economic managers announced that the government will instead provide targeted relief assistance and support to sectors affected by the skyrocketing oil prices.
ECONOMIC managers said on Thursday they are closely tracking factors impacting oil prices in the country, amid fears that the Russia-Ukraine conflict could further drive these up. A lawmaker also urged Congress leaders to recommend to President Duterte the calling of a special session to approve bills that would suspend…
File photo MANILA - Economic managers have vowed continued measures to help sectors affected by the rising fuel prices, including the PHP2.5-billion fuel subsidy program. In a statement Thursday, the inter-agency Development Budget Coordinating Committee (DBCC) said the fuel subsidy will be released through the Department of Transportation (DOTr). "This aims to provide fuel vouchers to over 377,000 qualified PUV (public utility vehicle) drivers who are operating jeepneys, UV express, taxis, tricycles, and other full-time ride-hailing and delivery services nationwide," it said. Prices of crude oil in the international market have reached around USD92 per barrel as of this week, thus, the rise in domestic oil prices. The DBCC said as of February 17, the Bangko Sentral ng Pilipinas (BSP) forecast Dubai crude oil price for this year to average at USD83.3 per barrel but prices were "expected to decelerate to USD 79.0 by the end of this year based on the latest oil futures.&qu