MANILA - President Ferdinand Marcos Jr. on Tuesday said the government has enough funds to cover its fuel subsidy program until the end of the year.
During the Cabinet's first meeting, heads of agencies discussed "about the funding, where it can come from, and how we are going to manage the funding for the additional fuel subsidies," Marcos said during his first press conference as Philippine President.
"We have enough budget I think to last for this year and a little bit beyond," he said when asked about his plan for the transportation sector amid high oil prices.
"We have to find that money if we are going to continue," he added.
Marcos said he wants to "include the tricycles" in the fuel subsidy program, claiming that drivers of 3-wheeled vehicles "up to now have not yet been included" in the program.
Last week, the Department of the Interior and Local Government said that at least 60,000 tricycle drivers are set to receive their fuel cash subsidy under the "Pantawid Pasada Program for Tricycle Drivers" in the coming months.
Under the existing policy, each public utility driver is entitled to receive P6,500 in fuel subsidy from the government.
Last month, the Land Transportation Franchising and Regulatory Board (LTFRB) said that over 264,000 beneficiaries have received the fuel subsidy.
Landbank is currently in the process of uploading the funds to 15,000 beneficiaries, the agency said.
The Department of Budget and Management earlier said it is looking at unused funds in 2021, savings from biddings, and money from programs that may be discontinued this year as some of the possible sources of funds for the continuation of the fuel subsidy program.