The Senate was expected to vote later in the day to grant President Ferdinand Marcos, who was on hand for the subsidy dispersal, the authority to temporarily suspend or reduce excise taxes on oil.
At a press briefing on Tuesday, Vigor Mendoza, chair of the country’s transportation regulator, announced fare hikes that he said were “proof of … genuine concern” for both commuters and the embattled sector.
Most rides in jeepneys, the backbone of the country’s transport system, were set to jump about 8 per cent on average, the regulator announced.
The Philippines, which depends almost entirely on the Middle East for its crude oil, is now also eyeing the possibility of purchasing from Russia, after a temporary easing of US restrictions on some oil sales following the closure of the Strait of Hormuz.
On Tuesday, Ramon Ang, CEO of the Philippines’ sole oil refiner Petron, confirmed to AFP the company was “in talks” to potentially purchase Russian oil, while declining to provide details.
Patiently awaiting his subsidy at the Manila community centre, Cipriano said he could only pray for a quick end to the war.
“We’re not the only ones affected,” he said of his fellow drivers.
“No one wins in war.”
https://www.channelnewsasia.com/asia/philippines-iran-war-fuel-costs-subsidies-5998186
