The Land Transportation Franchising and Regulatory Board (LTFRB) on Wednesday revealed that it has proposed a P2 additional fuel subsidy for transport sector to cushion the impact of the rising fuel prices.

At the weekly Fernandina Forum in Club Filipino, Greenhills, San Juan City, lawyer Manny Mahipus, LTFRB executive director, said the agency has submitted recommendation to the Department of Finance for the implementation of their proposal, which calls for additional P2 discount in fuel prices.

“It’s one of the mitigating measures [of the government] to ease the effects of the rising oil prices,” Mahipus said.

On Tuesday Maghipus said that the additional subsidy for the transport groups has already been approved by several oil players during a meeting with LTFRB officials, led by chairman Thompson Lantion.

”We hope that it [subsidy] shall be done soon within the month,” Mahipus said, when asked by reporters about the start of the implementation of the subsidy to transport organizations.

Once approved, the subsidy given to the transport sector will be a total of P3. A P1 discount on pump prices is now being enjoyed by transport groups after several oil firms, including the Big Three oil firms—Chevron, Pilipinas Shell Corp. and Petron Corp.—agreed to grant the subsidy in February.

Meanwhile, Mahipus said the LTFRB will meet again on May 12 for a public hearing on the provisional fare increase being sought by public bus and jeepney operators in Metro Manila and in the provinces.

“Regarding the fare hike, I cannot give you a definite period [of its implementation],” the LTFRB official said.

Mahipus said the provisional fare increase is merely a temporary relief for the transport sector, which has borne the brunt of the continuous oil-price hike.

Also on Tuesday, a transport group said it will withdraw its fare-hike petition earlier filed before the LTFRB.

The United Transport Alliance Koalisyon (1-UTAK), an umbrella organization of all major transport groups in the country, made the announcement during the formal closing of the energy summit organized by the Department of Energy.

Lawyer Vigor Mendoza, 1-UTAK national chairman, said jeepney and provincial bus operators have agreed to withdraw their fare-increase request after the government managed to provide solution to the problems being faced by the transport sector.

“Three issues have been resolved during the summit, and we are satisfied with the results. The government also promised other matters to be addressed in the coming months,” Mendoza said.

He said among the issues that have been addressed are the oil-price rollback, the suspension of the computer-fee increase being charged by Stradcom, and the program of the Department of Transportation and Communications (DOTC) that will assist jeepney operators on their conversion.

Mendoza said oil companies have agreed to impose a P0.50 across-the- board rollback on diesel and gasoline prices, trimming the discounted diesel price to P35.70 per liter.

“We promise to withdraw our petition for fare hike if the government can keep diesel prices at P35  per liter,” Mendozasaid.

Another development is the assistance program of the DOTC that will allow jeepney owners to convert their units from diesel to gasoline on a lease-to-own basis.

“The program will allow jeepney owners to have their units converted to LPG, which is P10-per-liter cheaper than diesel, without paying in full the conversion kits,” Mendoza explained.

Also, the promise of the DOTC to stop Stradcom, the information-technology provider of the Land Transportation Office, from imposing a P10 increase in computer fee, an additional fee being charged by Stradcom to all LTO clients.

ATTEMPTING to replicate the government’s thrust of bringing down power rates to industries in the Philippine Economic Zone Authority zone to the general consuming public, Energy Secretary Angelo Reyes said on Wednesday the government is still examining how it will be able to bring the rates down to residential consumers.

THE Department of Energy (DOE) on Wednesday awarded five petroleum exploration service contracts (SCs) to four Filipino oil exploration companies composed of Miocene Mining and Energy Corp. (MMEC), Helios Petroleum and Gas Corp. (HPGC), Burgundy Global Exploration Corp. (BGEC) and NorAsian Energy Ltd. (NEL).  

The Land Transportation Franchising and Regulatory Board (LTFRB) on Wednesday revealed that it has proposed a P2 additional fuel subsidy for transport sector to cushion the impact of the rising fuel prices.

SEN. Edgardo Angara called on the United Nations to consider the elimination of export subsidies and reduction of domestic subsidies of rich countries, as he blamed the prevailing trade imbalance for the looming global food crisis.

BEIJING has given the go-signal for eight Philippine firms to export mangoes to China starting this month, the Department of Agriculture (DA) said.

THE National Meat Inspection Service (NMIS), under the Department of Agriculture (DA), is intensifying its monitoring of fast-food chains and restaurants to shield consumers from unscrupulous businessmen who may opt to use substandard meat to save on cost in the face of escalating prices.

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