Manila: Malaca±ang on Friday ensured the government's readiness to provide fuel subsidies to public utility vehicle (PUV) drivers, farmers, and fisherfolk if global crude prices rise anew. This assurance comes amidst growing concerns over potential disruptions in oil supply due to escalating tensions between Israel and Iran.

According to Philippines News Agency, Palace Press Officer Claire Castro stated that the decision to grant subsidies would be contingent upon actual market movements. She emphasized that the government is closely monitoring the situation in the Middle East, particularly the developments in Israel and Iran. Castro reiterated that the welfare of transport workers, farmers, and fisherfolk remains a priority for President Ferdinand R. Marcos Jr.

Castro explained, "There may be times when in this kind of situation, the President will not be able to decide immediately because it depends on the current situation." She assured that the government is vigilant in monitoring the issues arising between Israel and Iran, which could impact global oil prices.

Currently, there is no immediate need for a fuel subsidy, as global crude oil prices are between USD65 to USD68 per barrel, Castro noted. However, she assured that the government would not withhold support if the situation escalates, stating, "This will not be triggered immediately. But let us remember, whatever can be done to our ability and is in accordance with our laws and rules, the government will not deny it."

The government has earmarked PHP2.5 billion for the Fuel Subsidy Program (FSP), which would be deployed if global oil prices exceed the USD80 per barrel threshold due to the conflict involving Israel and Iran. The program aims to support over 1.1 million individuals, including PUV operators and drivers, tricycle drivers, and ride-hailing application drivers.

President Marcos previously indicated that there is no immediate necessity to activate the FSP, as global oil prices have yet to reach a critical point.