House bill seeks to broaden economic crisis response amid oil price surge

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

MANILA, Philippines — A measure has been filed in Congress Friday, March 27, aiming to establish a more comprehensive and permanent system for faster, more proactive economic crisis response.

Rep. Javier Miguel Benitez (3rd District, Negros Occidental) filed the Resilient Economy and Stabilization for Crisis and Urgent Emergencies (RESCUE) Act as global oil prices surge and fears of supply disruption intensify.

The filing of the bill comes amid escalating global tensions affecting the Strait of Hormuz, with oil prices nearing $115 per barrel and local diesel prices already at around P130 per liter, with projections of further increases.

With limited fuel reserves, the country faces mounting pressure to act before the situation worsens.

Transport workers, fisherfolk, overseas Filipino workers in conflict-prone areas, and micro, small, and medium enterprises are among those most at risk from the ongoing crisis, with its effects expected to ripple across sectors in a systemic way, affecting communities and the broader economy.

The proposed measure comes as the lawmaker seeks to push for a broader and more institutionalized economic response system that builds on the framework of the Bayanihan Economic Resilience Bill, which provides government with tools to address large-scale economic disruptions.

Benitez said the RESCUE Act expands this approach by ensuring that response systems, funding, and coordination mechanisms are already in place before a crisis hits, allowing for faster and more targeted intervention.

“Hindi naman tayo bumibili ng fire truck kapag nasusunog na yung bahay. Pero yan ang ginagawa natin. During COVID, we wrote two emergency laws and spent P646 billion while the crisis was already on top of us. Ngayon, P130 na ang diesel, hindi na makalabas sa dagat ang mga mangingisda, at dalawang milyong OFW ang nasa conflict zone," he said.

The RESCUE Act institutionalizes a whole-of-government approach to crisis preparedness, ensuring that systems are already in place before emergencies strike.

At the core of the bill is a Bayanihan Economic Stabilization Fund with a target of at least P50 billion, which can be mobilized once a national emergency is declared, with assistance required to be deployed within 72 hours.

"Ang RESCUE Act, ayusin natin bago pa dumating ang susunod na krisis. Permanent fund na P50 billion, isang standing council, early warning system, at kapag na-declare ang emergency, 72 hours lang, dapat nakakarating na ang tulong,” Benitez added.

The measure also proposes the creation of a National Economic Resilience Council to coordinate response efforts, alongside a real-time Economic Early Warning System to monitor risks and enable timely intervention.

It further strengthens emergency protections, including direct cash transfers, fuel and wage subsidies, and mandatory grace periods on loans, rent, utilities, and insurance during declared national emergencies, as well as provisions to boost supply chain resilience, energy security, and strategic reserves. (Contributed story)