Aside from granting fuel subsidies, the Land Transportation Franchising and Regulatory Board (LTFRB) said it will consult with the National Economic and Development Authority (NEDA) on a proposed fare increase on public utility vehicles (PUV).
In a press briefing, Teofilo Guadiz, LTFRB chairman, said the government, through the Department of Budget and Management, downloaded the P3-billion fund for the subsidies to the Land Bank of the Philippines yesterday but the disbursement to the beneficiaries still depends on how fast Landbank can credit the money to the individual accounts.
LTFRB has endorsed to Landbank around 50,000 beneficiaries which were expected to receive the subsidy starting yesterday.
Of the total 1.36 million beneficiaries, 280,000 PUVs will be handled by the LTFRB; 930,000 tricycle units will be under the local government units through the Department of the Interior and Local Government (DILG). The 150,000 delivery services will be under the auspices of Department of Trade and Industry (DTI).
Each operator of the modern public utility jeepney and UVEs that qualifies to the program will receive a P10,000 subsidy; while P6,500 will be distributed to each operator of the other mode of public transport.
Each delivery service rider who qualifies for the program will be given a P1,200 subsidy, while P1,000 will be provided to tricycle drivers under the administration of the DILG.
The subsidy will be distributed through digital banking such as e-wallet accounts, bank accounts and fuel subsidy cards previously registered to beneficiaries.
The public transport franchise must be valid or it is registered with the LTFRB to qualify as a beneficiary.
Meanwhile, Guadiz said the LTFRB is set to conduct a public hearing on September 26 on the fare hike petitions of PUVs.
LTFRB has received various fare hike petitions, including an initial P2 plug-down increase plus P1 for every kilometer and another petition for P1 increase which should be imposed immediately.
However, Guadiz said, after the public hearing, the LTFRB will consult NEDA on whether or not to approve this or not and if there is any provisional increase, how much is allowed.
“We’re going to have a consultation with the NEDA, as it will create inflation, it will affect the prices of commodities,” he said.
