Manila, Philippines — Almost one month after the signing of a peace agreement between Iran and the United States following months of tension in the Middle East, US President Donald Trump announced last week the end of the ceasefire between the two countries.
This is after the new military strikes of US against Iran, as well as the revocation of its license to sell oil, as a response to Iran’s attack on America’s three tankers.
The rise of a new tension in the Middle East is expected to hit the Philippines, particularly in oil supply and prices.
Strait of Hormuz which is a vital route for oil export from the Middle East is affected by the tension.
Oil prices are expected to spike again in the coming weeks, which is already felt following a P2-P4 hike this week.
Following this, the Department of Transportation and Land Transportation Franchising and Regulatory Board is now preparing and studying measures to mitigate the impact of the crisis.
This includes studying recommendations for fuel subsidy and price hike petitions.
LTFRB Chairman Atty. Vigor Mendoza said that they will be studying the petitions for fare hikes for jeepneys, buses, TNVS, and P2P buses.
And with the recently approved wage hike in Metro Manila, Mendoza noted that there is a higher possibility to approve the P1 fare increase in the first 5 kilometers.
He added that they will also recommend itd nationwide implementation.
In line with the fuel subsidy, Mendoza admitted that 93% of P2.5 million funds for the program have been distributed and there are no more available funds from the 2025 allocation.
He however ensured that they are now studying to augment the program allocation.
LTFRB will submit their recommendations to DOTR before the day ends.—Mia Layaguin, Eurotv News