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Philippines disburses 385 million USD to cushion fuel price surge

Budget Secretary Rolando Toledo said the accelerated disbursement aims to ensure that essential public services and construction works continue without disruption, as higher oil prices place pressure on transport costs and household spending.

The Philippines disburses 385 million USD to ease fuel price pressures (Photo: US Energy Market)
The Philippines disburses 385 million USD to ease fuel price pressures (Photo: US Energy Market)

Hanoi (VNA) – Philippine President Ferdinand R. Marcos Jr. has directed the Department of Budget and Management (DBM) to release 21.47 billion PHP (about 385 million USD) to sustain infrastructure projects, protect jobs and mitigate the impact of rising fuel prices linked to tensions in the Middle East.

In a statement issued on March 19, Budget Secretary Rolando Toledo said the accelerated disbursement aims to ensure that essential public services and construction works continue without disruption, as higher oil prices place pressure on transport costs and household spending.

He stressed that each budget allocation is intended to support people’s livelihoods, maintain service operations and ease the burden caused by global factors beyond domestic control.

Of the total amount, around 2.49 billion PHP will be allocated to the Department of Transportation to implement a fuel subsidy programme providing direct support to drivers and transport operators affected by rising fuel costs. Meanwhile, about 18.65 billion PHP will go to the Department of Public Works and Highways to sustain nationwide infrastructure projects, helping secure employment, improve road safety and maintain economic activity.

An additional 324.36 million PHP will also be released to the public works agency to settle previous obligations related to foreign-assisted infrastructure projects, ensuring timely completion.

The move is seen as part of the Philippine Government’s broader efforts to respond to global economic shocks, particularly energy price volatility amid rising geopolitical tensions./.

VNA
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