$80 Dubai crude price set as trigger for farmer fuel subsidy
THE Department of Agriculture (DA) said a fuel subsidy for farmers that own or rent machinery will kick in when the benchmark Dubai crude price hits $80 per barrel.
Memorandum Circular (MC) No. 27 defined the $80 trigger point for the subsidy, as certified by the Department of Energy.
“Fuel expenses is one of the important operating cost in farming,” the DA said, adding that the subsidy will be handed out once, regardless of the number of machines operated on farms.
The DA has said registered farmers will receive P3,000 in fuel assistance. It has allocated over P510 million to aid about 160,000 registered beneficiaries.
“The fuel assistance shall be used for all types of machinery utilized in crops, livestock, and poultry production,” the DA said.
MC 27 stipulated that eligible farmers must be clustered or work in consolidated farms.
The DA said that the funds will be distributed via cards issued by the Development Bank of the Philippines and its financial technology partners. — Adrian H. Halili