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Neil Jayson Servallos - The Philippine Star
April 2, 2026 | 12:00am
Speaking to reporters, Gatchalian revealed that based on projections by the Senate PROTECT committee, a massive legislative intervention would be the only way to fund the state’s survival if vital maritime chokepoints – aside from the Strait of Hormuz – shut down completely.
Philstar.com / Irish Lising
MANILA, Philippines — The government may need to pass a P400-billion “Bayanihan 3” supplemental budget to keep the economy afloat, as the escalating Middle East conflict threatens to completely choke off the country’s oil supply, Sen. Win Gatchalian warned yesterday.
Speaking to reporters, Gatchalian revealed that based on projections by the Senate PROTECT committee, a massive legislative intervention would be the only way to fund the state’s survival if vital maritime chokepoints – aside from the Strait of Hormuz – shut down completely.
The House of Representatives is also moving to craft a “Bayanihan 3” measure in response to the ongoing oil crisis, but unlike its pandemic-era predecessors, the new package will go beyond direct cash aid toward long-term structural reforms, chairman of the House committee on ways and means Rep. Miro Quimbo said on Tuesday.
Gatchalian pointed specifically to the threatened closure of the Red Sea, a critical trade route that serves as the primary artery for Saudi Arabian petroleum exports to the Philippines.
“Based on our initial computation, all in all, worst case scenario is – about P400 billion would be needed,” he said in Filipino.
“Let’s say no more oil inflows – that’s the worst case, especially if the situation drags on,” he explained.
In such a scenario, the senator stated that Congress would be forced to trigger a third iteration of the Bayanihan law.
To prepare for the economic shock, Gatchalian said the Senate is already running internal simulations to estimate the cost of widespread government interventions, ranging from targeted transport subsidies to direct cash aid for minimum wage earners.
For the Pantawid Pasada program alone, the committee’s computations showed that required funding could swing wildly, depending on the severity of the crisis, ranging “from P7.6 billion to P61 billion.”
While the P400-billion Bayanihan 3 scenario looms, Gatchalian clarified that the government is not yet financially cornered.
He estimated that the executive branch currently has between P188 billion and P200 billion in available funds to finance immediate relief efforts. – Jose Rodel Clapano
