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Manila Bulletin devider Philippines devider National devider Pangilinan, Gatchalian urge gov't to ready fuel subsidy following Iran attacks

Pangilinan, Gatchalian urge gov't to ready fuel subsidy following Iran attacks

Published Mar 1, 2026 01:56 pm

At A Glance

  • Senators urged the government on Sunday, March 1, to help keep oil prices in check following the United States and Israel's attack on Iran.

Senators urged the government on Sunday, March 1, to help keep oil prices in check following the United States and Israel’s attack on Iran.

Senator Francis “Kiko” Pangilinan said the government should exhaust all efforts at keeping oil prices at bay as geo-political tensions in the Middle East intensify, and which is expected to cause oil price hikes in the coming weeks.

Pangilinan said the government should consider implementing fuel subsidy to ensure continuous mobility for the transportation sector, as prices of oil is expected to sharply increase.

“Here in our country, because the price of crude oil is certain to increase, the fuel subsidy must be implemented immediately for tricycle, jeep, and bus drivers, and also for farmers and fishermen for their tractors and boats,” Pangilinan said.

“The temporary suspension of excise tax on diesel and kerosene must also be implemented quickly to slightly alleviate the certain increase in fuel prices,” he stressed.

Sen. Sherwin Gatchalian, for his part, asked the Land Transportation Regulatory and Franchising Board (LTFRB) to prepare for the implementation of the Pantawid-Pasada program.

Gatchalian, Senate Committee on Finance chairperson, noted that the countries that are affected in the ongoing conflict are the world’s sources of oil reserves.

“We have to monitor the situation closely. I was monitoring this morning and the latest, their Supreme Leader died or was killed. So what could happen there is, probably the biggest question is, who their next leader will be. It could be moderate, it could be hardliner, it could be new. So the situation there is unpredictable at this time,” Gatchalian stressed.

“As we know, we import almost 99% of our oil. And we have seen over the past few weeks, the price of oil is increasing. That's why we also have in the 2026 budget, there is still a continuing fund for the fuel subsidy. That's about P2.4-billion that can be used if the price of oil continues to increase,” the senator said.

The fuel subsidy can then be used for the transportation of public utility vehicle (PUV) drivers, and can also be used for the country’s farmers and fishermen.

“Because when our fishermen go to sea, they also use crude oil. So the first impact of that is the price of oil, which for me, the timing is not good. Because we know that in 2025, the economic growth was low, 4.4 percent.

“So this first quarter is really the only time the government is pushing to accelerate government spending. If the price of oil increases, it will affect other important goods for our countrymen, such as food,” he stressed.

Related Tags

Oil price hike fuel subsidy Sherwin Gatchalian Kiko Pangilinan Iran airstrikes Iran Israel-Iran tensions
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