MANILA - Grab Philippines on Friday said it allotted P25 million assistance fund for its partner drivers amid the "economic challenges" affecting the transport sector such as the surging fuel prices.
The P25 million "partner assistance fund" will be used in performance-based incentives and other partner support programs for drivers and delivery partners, the platform said in a statement.
“The economic challenges that we are experiencing require a longer-term solution from all sectors of our society. We are optimistic that through our efforts, we are inspiring more platforms, businesses, and organizations to step forward and take on this enormous task of advocating for their stakeholders during these challenging times," said Grab Philippines Senior Director for Strategy and Operations Ronald Roda.
Grab said it would also extend its zero-interest loan support on fuel purchasing through the Grab Finance Shell Fuel card, where drivers have the option to avail of a week's worth of fuel.
Grab is also working with the government to "revisit" existing fare and fee structure, it said.
This week, diesel prices rose over P5 per liter while gas prices increased by over P3 per liter as global crude oil benchmarks skyrocketed to over $100 per barrel due to the conflict between Russia and Ukraine.
The conflict is unlikely to be resolved soon, and the volatility in oil prices is likely to drag on.
Bangko Sentral ng Pilipinas Governor Benjamin Diokno on Friday said the Monetary Board stands ready to take any action against any upward price pressure that threatens to "disanchor" inflation expectation.
Diokno said inflation is likely to rise in the coming months.
The government has released a P3 billion for subsidy and other discounts to help drivers of public utility vehicles stay afloat despite the surging oil prices.
Several PUV operators are petitioning for fare hike due to the continues increase in the prices of petroleum products.