DA readies P510.4M subsidies to farmers
The Department of Agriculture (DA) is set to distribute P510.447 million in fuel subsidies to farmers this month to alleviate the financial burden caused by higher fuel prices.
In a statement over the weekend, the DA said the financial assistance of P3,000 each will be distributed to approximately 160,000 farmers who own or rent machinery used in crop, livestock and poultry production.
“This development indicates that the distribution of the fuel subsidy could commence later in July,” it said.
The fuel subsidy grant is activated upon the Department of Energy’s certification that the average monthly price of Dubai crude reaches or exceeds $80 per barrel based on the Mean of Platts Singapore (Mops).
Mops is the daily average of all trading transactions of petroleum products in the Singapore trading hub. It serves as the regional benchmark used in the Philippines and countries in Southeast Asia in pricing fuel products.
Last Tuesday, the price of gasoline rose by 95 centavos per liter, diesel by 65 centavos per liter and kerosene by 35 centavos per liter.
Food security goal
To receive a one-time cash aid from the agency, eligible farmers should be registered in the Registry System for Basic Sectors of Agriculture and own or rent farm machinery or equipment.
The DA will provide the fuel subsidies through the Bureau of Agricultural and Fisheries Engineering and its regional field offices. It will be funded by the DA’s budget allocation under the 2024 General Appropriations Act.
The Development Bank of the Philippines and its financial technology partners will provide cash cards for the fuel subsidy project.
“This is just one of the several assistance projects that the Marcos administration provides to ease the burden of our farmers, the unsung heroes of our economy and the main pillar of our food security goal,” Agriculture Secretary Francisco Tiu Laurel Jr. said.
