SEN. Loren Legarda filed a comprehensive emergency measure that seeks to provide a maximum of P10,000 fuel subsidy per month to those in vulnerable sectors to shield Filipinos from the effects of the oil crisis triggered by the Middle East war.
The senator said Senate Bill (SB) 2020 or the “Bayanihan 3: Power to the People Act,” also lays the groundwork for a more secure and resilient economy amid the global oil crisis that has dragged on for a month already.
SB 2020 recognizes a state of national emergency and gives the government "targeted, time-bound powers to bring down fuel and electricity costs, protect food supply, and provide direct relief to the most vulnerable sectors."
“This crisis is a warning and an opportunity. We cannot remain hostage to imported fossil fuel forever," Legarda said in a statement on Monday.
"Bayanihan 3 not only protects our people today. It pushes us towards a cleaner, more secure, and more independent energy future,” she said.
The measure authorizes the government to intervene in the energy sector to prevent supply disruptions and stabilize prices, subject to safeguards and oversight.
Under the bill, the government may temporarily suspend or reduce excise taxes and even apply a zero rate on value added tax for petroleum products, with the clear requirement that these tax breaks be fully and immediately passed on to consumers at the pump.
Bayanihan 3 also provides direct fuel subsidies of P5,000 to P10,000 per month for qualified public utility vehicle drivers, farmers, fishermen and small agricultural transporters.
The financial aid would be harmonized with existing social protection programs of the Department of Social Welfare and Development.
The bill allows financial relief to transport cooperatives and other affected operators to help stabilize routes and fares.
The Bayanihan 3 introduces stricter transparency measures by requiring oil companies to disclose detailed information on their pricing, costs, inventory and supply transactions.
This would allow the government to monitor whether price movements are justified and ensures that any tax relief or policy intervention is fully felt by consumers, she added.