MANILA, Philippines — The Land Transportation Franchising and Regulatory Board issued a resolution on Monday rolling back jeepney fares to P9 from P10 in Central Luzon, Calabarzon and Metro Manila.
The cuts were made in compliance with Transportation Secretary Arthur Tugade’s directive to the LTFRB to roll back fares amid declining world oil prices.
While the decision rolls back fares by P1, it was hiked P2 in two tranches, from a fare of P8 to P10 last July 6 and November 4.
— The Philippine Star (@PhilippineStar) December 3, 2018
“The board took into its responsibility to assess all socio-economic indicators and consult with experts before coming up with a decision,” Board Resolution No. 091 read.
According to Nasdaq, world crude oil prices peaked at $76 a barrel but dropped down to $53.58 a barrel in December.
Also due to the falling oil prices, President Rodrigo Duterte’s economic managers called off a plan to suspend the planned excise tax on crude oil.
Economic managers had originally recommended for the tax’s suspension due to rising inflation in the country.
But Finance Secretary Carlos Dominguez said in a press conference on November 29 that they were not going to push through with the suspension “in light of the favorable outlook in world oil prices.” — Ryan Macasero
Article source: https://www.philstar.com/headlines/2018/12/03/1873872/ltfrb-rolls-back-jeepney-fare-p9