Landbank awaits Comelec nod to resume fuel subsidy disbursement

The Land Bank of the Philippines (LandBank) on Tuesday said it is still waiting for the Commission on Elections (Comelec) to exempt fuel subsidies from the election spending ban before resuming their distribution.

“The LandBank assures the fast and timely crediting of fuel subsidies and distribution of cash cards to intended transport beneficiaries nationwide once the prohibition to distribute in compliance to the election spending ban is lifted,” the bank said in a statement.

It added that the Land Transportation Franchising and Regulatory Board (LTFRB) is “currently working” on its request to exempt the fuel subsidy program from the spending ban ahead of the 2023 Barangay and Sangguniang Kabataan Elections (BSKE).

The LTFRB started to release fuel subsidies last Wednesday, September 13, but a number of operators and drivers said they have yet to receive such benefits.

Under Comelec Resolution No. 10944, the release, distribution, or spending of public funds for social welfare projects during the election period is prohibited. The election period for the BSKE began on August 28. The elections will be held on October 30.

The Department of Budget and Management (DBM) on September 8 approved the release of P3 billion worth of funds for the program.

Under the FSP, qualified operators of modern public utility jeepneys (PUJs) and UV Express will receive P10,000 while operators of other public vehicles will be given P6,500.

Qualified delivery service riders will be given P1,200, while tricycle drivers will receive P1,000.

Earlier on Tuesday firms implemented another major hike in pump prices of petroleum products: gasoline by P2.00, diesel by P2.50, and kerosene by P2.00.

Latest data available from the DOE indicate year-to-date net increases of P15.50 per liter for gasoline, P11.10 per liter for diesel, and P7.94 per liter for kerosene as of September 12, 2023. — Sundy Locus and Jon Viktor D. Cabuenas/BM, GMA Integrated News