Government to fast-track transport modernization amid fuel price spikes

THE PHILIPPINE government will fast-track its modernization program for public utility vehicles amid rising global oil prices due to the war between Israel and Iran, according to its Transportation chief.

- 

But structural economic challenges continue to hinder the transition from traditional fuel-powered vehicles to electric and modern fleets, Transportation Secretary Vivencio B. Dizon told reporters at a virtual news briefing on Thursday.

"We're trying our best to implement this as fast as we can," he said in mixed English and Filipino. "But as we have already said in the past, there are too many issues that need fixing before we can fast-track the program."

"We cannot just fast-track this without addressing those very basic problems, which essentially involve economic viability," he added.

The push to modernize the country's aging transport fleet has taken on fresh urgency amid volatile oil prices because of the Middle Eastern war.

Brent crude briefly spiked to $79 per barrel amid geopolitical jitters but fell back to about $69 after US President Donald J. Trump announced a cease-fire, easing concerns over potential disruptions to the critical Strait of Hormuz shipping corridor, Reuters reported.