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Manila Bulletin devider Philippines devider National devider For Velasco, fuel subsidy is the 'best solution'

For Velasco, fuel subsidy is the 'best solution'

Published Mar 7, 2022 07:39 pm

The government’s fuel subsidy program is the best solution to the problem caused by successive fuel price hikes.

House Speaker Lord Allan Velasco had this to say Monday, March 7, the same day that the chamber's Fuel Crisis Ad Hoc Committee convened for the first time in order to discuss relief measures for consumers amid the ongoing fuel price surge.

House Speaker Lord Allan Velasco (File photo/ MANILA BULLETIN)


“I believe that what the government is doing, giving subsidies to targeted beneficiaries who are severely affected by unabated oil price hikes, is the best solution for now,” Velasco said in a statement.

Over the weekend, the Duterte administration announced that it is preparing to release P2.5 billion for the subsidy program to provide fuel vouchers to qualified members of the public transport sector.

This is on top of the P500 million in fuel discounts that the government is eyeing for local farmers and fisherfolk.

Velasco's favorable remarks on the grant of fuel subsidy is actually a reiteration of his statements last Friday when he said that he would rather go the subsidy route than reverse the 1998 Oil Deregulation Law.

The review of the 24-year-old law was among the solutions pitched by the Department of Energy (DOE) during the ad hoc panel meeting Monday. Velasco formed the fuel crisis panel in preparation for a possible call from President Duterte to have Congress meet for a special session.

“We expect the ad hoc committee to fully assess the economic impact of the drastic increase in oil prices and come up with recommendations on how the government can address the problem at the soonest possible time,” Velasco said.

AAMBIS-OWA Party-list Rep. Sharon Garin, one of the four co-chairpersons of the ad hoc panel, said they will come up with their recommended actions on the fuel crisis soon.

Related Tags

President Duterte SPECIAL SESSION Oil Deregulation Law best solution Fuel subsidy Sharon Garin lord allan velasco 30722 fuel crisis ad hoc committee
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