President Ferdinand Marcos Jr. said that the government has no immediate plans to implement fuel subsidies set to public utility vehicle (PUV) drivers, farmers, and fisherfolk due to falling prices of crude oil in the world market.
According to the President, the fuel subsidy will take effect when there is a rise in oil prices in the international market. However, as of yesterday, the world market price has already dropped to 69 dollars per barrel, lower than its previous, 79 dollars.
The administration benchmarked 80 dollars per barrel as the level where the release of fuel subsidy expenditures for affected sectors will kick in. Since prices are now below the threshold, President Marcos explained that he does not see any urgent reasons for releasing subsidies.
The President further revealed that the current state of Iran-Israel confrontation is manageable in terms of the effect on the PH economy. Both had previously declared a ceasefire, which stabilized oil prices globally.
PBBM also revealed that the Philippines is monitoring the status in the Middle East and international movements of oil prices.
