A total of 120,496 public utility vehicles (PUVs) have already received fuel subsidies under the Fuel Subsidy Program (FSP) , the Land Transportation Franchising and Regulatory Board (LTFRB) announced on Thursday, October 12.
"Pumalo na sa 120,496 na yunit ng mga pampublikong sasakyan sa buong bansa ang nakatanggap ng subsidiya sa ilalim ng Fuel Subsidy Program (FSP) ng Department of Transportation (DOTr) at Land Transportation Franchising and Regulatory Board (LTFRB)," said the LTFRB.
According to the regulatory board, there is an equivalent amount of P787,494,000, the latest number of beneficiaries who have already received the said subsidy based on their latest data on Wednesday, October 11th.
The FSP, according to LTFRB, is part of their agenda to reduce the expenses of operators and drivers in the midst of the unrestrained increase in the price of petroleum products.
Meanwhile, the agency also recognizes the Land Bank of the Philippines' assistance in the orderly and effective distribution of subsidies to qualified beneficiaries of such programs.
On September 13, the LTFRB started distributing fuel subsidies to an estimated 1.36 million operators of public and modern utility vehicles, tricycles, and private vehicles.
The distribution was mandated through the Memorandum of Agreement and Joint Memorandum Circular No. 02, Series of 2023, directing the implementation of the Pantawid Pasada Program (PPP) or the Fuel Subsidy Program (FSP).
Department of Transportation (DOTr), Department of Information and Communications Technology (DICT), Department of Trade and Industry (DTI), Department of Interior and Local Government (DILG), Department of Budget and Management (DBM), Department of Energy (DOE), LTFRB, and Land Bank of the Philippines (LBP) signed the said memorandum.
