30.6 C
Philippines
Friday, May 24, 2024

8:23 PM

30.6 C
Philippines
Friday, May 24, 2024

8:23 PM

EDC recommends P5B budget for transport sector amid rising gas prices

CAGAYAN DE ORO CITY (PIA)–The Economic Development Committee (EDC) at the central office recommended doubling budget for fuel subsidy from P2.5 billion to P5 billion to help mitigate the impact of rising prices of diesel and gasoline to motorists and consumers alike, said an official of the National Economic Development Authority (NEDA)-10.

In a CORDS X podcast episode, March 20, NEDA Regional Director Mylah Faye Aurora B. Cariño shared, “We have seen the visible effects to the prices of oil products in NCR. We see that the prices increased from an average of 52.73 in the first half of January 2022 to 67.13 in March 10, 2022, an increase of roughly 27% to date. We are also seeing impacts in four major channels, ang commodity market, financial market, investments and fiscal health.”

There will also be a provision of additional vouchers for agricultural producers by increasing the budget from P500 million to P1.1 billion to reduce input costs, the director added.

For energy generation and electricity, the EDC is expanding the supply of coal and temporary removal of commodities favored nation tariff rate of 7% until December 2022 to ensure sufficient inventory and lower power charges for consumers.

“We at NEDA also promote energy conservation including the use of sensor technologies for energy savings and we are encouraging agreements with private electric companies to stagger future increases in generation charges,” she said.

Further, NEDA-10 will also include agriculture and renewable energy in the draft strategic priority plan in attracting more investments in these sectors and in turn help increase supply of food and energy.

ELCAC update

As to the campaign to End Local Communist Armed Conflict (ELCAC), the 13 Line of Efforts Task Groups presented their accomplishments, assessment, gaps and ways forward and recommendations to sustain the momentum to attain targets.

The group will continue military operations against guerilla front, support to Enhanced-Comprehensive Local Integration Program (E-CLIP), take legal offense against Joma Sison, make sure to find zero representation and communist terrorist groups party list in congress and intensify strategic communication to unmask Communist Terrorist Groups (CTG) fronts’ propaganda, augment barangay development programs, organize sectors to win the people and conduct local peace engagements. (JMOR/PIA-10)