The Development Budget Coordination Committee (DBCC) will release P1 billion to the Land Transportation Franchising and Regulatory Board (LTFRB) to provide cash grants to around 178,000 genuine public utility vehicles (PUV) for the next two months.

''This will be distributed using the system established under the Pantawid Pasang Program of the LTFRB,'' said the DBCC in a statement Monday.

The funds will be charged against the fiscal year 2021 unprogrammed appropriations under the support for infrastructure projects and social programs, it added.

''The members of the Development Budget Coordination Committee, are committed to support our transportation sector, amidst the increasing oil prices,'' said the DBCC statement.

The move comes as oil companies are poised to announce increases in oil products for the ninth straight week on Tuesday. DMS