Home LANDBANK disburses ₱1.1B fuel subsidy

LANDBANK disburses ₱1.1B fuel subsidy

landbank disburses ₱1 1b fuel subsidy

The Land Bank of the Philippines (LANDBANK) has disbursed ₱1.1 billion worth of fuel subsidy to 190,130 public utility vehicles (PUV) drivers and operators in an announcement made last Wednesday.

LANDBANK, alongside the Fuel Subsidy Program of the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB), aims to distribute fuel subsidies to 1.36 million drivers and operators towards public transportation, which includes buses, japanese, taxis, and transportation network vehicle services, among other qualified beneficiaries.  

“LANDBANK is one with the National Government in extending timely and responsive assistance to the local transport sector. Rest assured that we are ramping up the delivery of fuel subsidy to support PUV drivers and operators nationwide,” quote LANDBANK President and CEO, Lynette V. Ortiz.

On September 8, the Department of Budget and Management announced its approval for the disbursement of P3 billion from the fuel subsidy fund.

Within the framework of the program, drivers and operators of modernized public utility jeepneys and utility van express units are entitled to receive ₱10,000 each, while their counterparts in traditional PUV and TNVS categories are eligible for ₱6,500 each.

The LTFRB is presently providing LANDBANK with lists of eligible beneficiaries, facilitating the subsequent disbursement of funds directly into the accounts of these qualified recipients.

LANDBANK has confirmed the resumption of its distribution of fuel subsidies to eligible PUV drivers through the fuel subsidy program starting September 21, following the Commission on Elections’s approval of the LTFRB’s requests in exempting the program from the election spending ban.

On the same day, transport group (PISTON) has announced that it will hold a nationwide strike to protest the Dec. 31 franchise consolidation deadline next week. 

Source: (1), (2), (3), (4)

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