State Dining Room, Malacañan Palace
October 24, 2023
President Ferdinand R. Marcos Jr. discussed with the Department of Energy (DOE) matters concerning the mitigation of high fuel prices in the country during a sectoral meeting at the State Dining Room in Malacañan Palace.
DOE Secretary Raphael Lotilla presented the 2024 General Appropriations Act (GAA) provision of fuel subsidies for the transport sector to shorten the trigger period from three (3) months to one month, as well as the implementation of the voluntary 20% ethanol blend for gasoline targeted by the end of 2023 as a price mitigation measure.
The Secretary also cited the continued electrification of the transport sector, including mass transport and light cargo vehicles. To this end, President Marcos jr. emphasized the need to have charging stations in place for electric vehicles, benefitting those who are in the sector, especially the drivers.
Moreover, DOE Secretary Lotilla confirmed the increase of coco biodiesel from 2% to 3%, which can be accommodated by the supply of feedstock given that the total coconut production in the country is at 15 billion knots. He added that the increase in the blend can dry down the cost of coco methyl ester.
* * *