
AGRICULTURE Secretary Francisco Tiu Laurel Jr. ordered the distribution of over P510 million in fuel subsidies to some 160,000 farmers who own or rent machinery used in crop, livestock, and poultry production.
On Sunday, July 7, the Department of Agriculture (DA) said it had earmarked P510.447 million for farmers enrolled in the Registry System for Basic Sectors of Agriculture with agricultural machinery and equipment will receive a fuel subsidy of P3,000.
The DA would distribute the subsidy through assistance cards provided by the Development Bank of the Philippines (DBP), with the implementation handled by the DA’s Bureau of Agricultural and Fisheries Engineering and Regional Field Offices.
The DA noted, however, that the disbursement was contingent upon the Department of Energy’s (DOE) certification that the average monthly price of Dubai crude oil per barrel has reached $80 based on the Mean of Platts Singapore.
Citing market data, it said prices have fluctuated between $78.48 and $86.50 per barrel from June 3 to July 1, which “indicates that the distribution of the fuel subsidies could commence later in July.”
“This is just one of the several assistance projects that the Marcos administration provides to ease the burden of our farmers, the unsung heroes of our economy and the main pillar of our food security goal,” Tiu Laurel said.
The DA said the initiative was provided through a memorandum order, a copy of which was not readily available and has not yet been uploaded on the department’s website.
The Philippine transport index posted an inflation rate of 3.1%. Transport prices contributed 7.5% or 0.3 percentage points to the June inflation print of 3.7%.
Pump prices of petroleum products were hiked in the past three weeks, with year-to-date adjustments at a net increase of P9.25 per liter for gasoline, P8.40 per liter for diesel, and P1.75 per liter for kerosene as of July 2, 2024. (GMA Integrated News)