Billion Fuel Subsidy Released.

In response to the 10th consecutive week of fuel price hikes, President Ferdinand Marcos Jr. has directed the immediate release of P21.47 billion ($380 million) in subsidies. The move is designed to protect public utility vehicle (PUV) drivers and the agricultural sector from soaring diesel prices, which are expected to jump another P14 per liter this week due to ongoing tensions in the Middle East and the closure of the Strait of Hormuz. Food processors have agreed to a temporary price freeze on essential goods, and toll concessionaires are offering discounts to cargo haulers to prevent a spike in food costs.

©YovaniBernard