BACOLOD CITY — Negros Occidental 3rd District Rep. Javier Miguel Benitez filed a bill electronically on Friday that aims to create a system for a faster, more proactive economic crisis response.
Under his proposed Resilient Economy and Stabilization for Crisis and Urgent Emergencies (Rescue) Act, the government would release at least P50 billion once a state of emergency is declared.
Benitez said the bill would push for a broader and more institutionalized economic response system that builds on the framework of the Bayanihan Economic Resilience Bill, which would provide the government with the tools to address large-scale economic disruptions.
In a statement released on Saturday, Benitez said transport workers, fishermen, overseas Filipino workers (OFWs) in conflict-prone areas, and micro, small and medium enterprises are among those most at risk from the ongoing crisis. He noted that effects are expected to ripple across sectors in a systemic way, affecting communities and the broader economy.
“We are not buying a fire truck if the house is currently burning, but that is what we are doing,” Benitez said. “During Covid[-19], we wrote two emergency laws and spent P646 billion while the crisis was already on top of us. Now, with diesel costing P130 per liter, fishermen cannot go out in the sea and 2 million OFWs are in the conflict zone.”
His bill was filed amid the war in the Middle East that is affecting the Strait of Hormuz, with oil prices nearing $115 a barrel and local diesel prices expected to reach around P140 to P150 per liter by next week.
Under the bill, a Bayanihan Economic Stabilization Fund with a target of P50 billion will be created. It would be mobilized once a state of national emergency is declared, with assistance deployed within 72 hours.
Besides the fund, a standing council called the National Economic Resilience Council would be created to coordinate response efforts, while an Economic Early Warning System would be set up to monitor risks and enable timely intervention.
“We should create the Rescue Act before the next crisis,” Benitez said. “A permanent fund of P50 billion, a standing council, early warning system, and once an emergency is declared, the help should be received within 72 hours.”
The proposed measure also 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. It also includes provisions to boost supply chain resilience, energy security and strategic reserves.
Benitez said his bill aims to ensure stronger preparedness and faster response mechanisms, addressing gaps in current emergency frameworks and strengthening the country’s overall economic resilience.
At the Senate, Sen. Loren Legarda pushed for the Bayanihan Power to the People Act, or Bayanihan 3 Law, which seeks to establish a comprehensive and coordinated government response to the ongoing global oil crisis.
The senator warned against overreliance on price controls, describing them as temporary solutions that fail to address structural issues.
“The nation risks repeatedly choosing between high prices or high subsidies — both of which are unsustainable,” she said.
The proposed Bayanihan 3 Law seeks to grant the executive branch expanded but time-bound powers to respond decisively to the crisis. Its key features include the possible temporary exemption of value-added tax on basic goods and essential services to ease inflationary pressure; acceleration of renewable energy development, alternative transport systems and energy efficiency programs; emergency measures such as increased taxes on luxury and sin goods, and the proposed imposition of a wealth tax; and economic stabilization mechanisms to cushion the inflationary effects of rising fuel costs.
The bill also aims to reduce the country’s vulnerability to global oil price volatility by promoting domestically sourced and sustainable energy systems.
