Landbank releases P1.1B in fuel subsidies

Landbank
Landbank(Photo by Yans Baroy)

THE Land Bank of the Philippines (Landbank) has delivered P1.1 billion worth of fuel subsidies to 190,130 public utility vehicle (PUV) drivers and operators as of Nov. 9, 2023, as part of its continued support to the transport sector amid rising fuel prices.

Under the Fuel Subsidy Program (FSP) of the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB), Landbank distributed subsidies to drivers and operators of public utility jeepneys and buses, taxis, and transportation network vehicle services (TNVS), among other qualified beneficiaries.

In a statement, Landbank president and chief executive officer Lynette Ortiz assured that they are ramping up the delivery of fuel subsidies to support PUV drivers nationwide.

Landbank aims to provide financial assistance to 1.36 million beneficiaries through the FSP. Modernized public utility jeepney and utility van express unit drivers and operators are entitled to receive P10,000 each, while traditional PUV and TNVS drivers and operators are eligible for P6,500 each under the program.

LTFRB continues to submit qualified beneficiaries to Landbank while the bank facilitates subsidy crediting to their existing Landbank accounts and other banks.

Landbank resumed the distribution of fuel subsidies to qualified PUV drivers under the Fuel Subsidy Program on Sept. 21, after the Commission on Elections approved LTFRB’s request to exempt the program from the election spending ban.

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