PH gov’t ready for rise in oil prices says DBCC

The Developmental Budget Coordination Committee (DBCC) is keeping a close eye on the factors driving up the price of oil in the country. According to the Bangko Sentral ng Pilipinas’ (BSP) February 17 assessment, the projected average price of Dubai crude oil is USD 83.30 per barrel. Despite this, it is expected to decrease to USD 79.00 by the end of the year based on oil futures.

Photo Credit: dbm.gov.ph

To aid the transport sector, the Government is set to release a PHP 2.5 Billion budget as a Fuel Subsidy Program of the Department of Transportation. The program aims to provide fuel vouchers to over 377,000 qualified PUV drivers of Jeepneys, UVs, taxis, tricycles and other forms of public transportation.

In addition, the Department of Agriculture has a budget of PHP 500,000 to provide to farmers and fisherfolk who individually own and operate farming and fishery equipment. Doing so will help limit the impact of the increased fuel prices on the production and transport of farm and fish products.