DBM Confirms Fuel Subsidy for Farmers amid the Oil Price Hike
FUEL SUBSIDY FOR FARMERS – The Department of Budget and Management (DBM) revealed the amount to be given as fuel assistance for farmers.
The series of oil price hikes in the Philippines affect almost everyone most especially the public utility vehicle (PUV) drivers, the private vehicle owners, the businesses that mainly need oil products to operate, and the farmers with agricultural machinery.
The prices of oil kept on increasing since January. According to the Department of Energy (DOE), the upward trend of oil prices is due to the huge global demand and the low production of oil. The Energy authorities warned that the price increases may continue until May or June.
However, the said warning came ahead of the war between Ukraine and Russia. Many believe that the war between the two (2) countries may be another cause for the oil prices to increase.
Amid the struggles posed by the oil price hike, the national government pledged to help the PUV drivers and the farmers cope with the challenge. Based on a report on ABS-CBN News, the Department of Budget and Management (DBM) confirmed that it will be releasing an amount for the fuel subsidy for farmers and PUV drivers.
According to DBM, P500 million will be released for fuel subsidy for farmers and fishermen who own agriculture or fishery machinery to the Department of Agriculture (DA). Based on the report, Php 3,000.00 worth of fuel subsidy will be released to each farmer.
The release of the fuel subsidy will be through fuel discount cards that will be given to farmers and fishermen who own agricultural or fishery machinery. The said discount cards will be in collaboration with the Development Bank of the Philippines (DBP).
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