May P50-B Safety Net? New House Bill Wants Faster Economic Rescue During Crises

A new bill at the House of Representatives wants the government to respond faster when large-scale economic shocks hit. Negros Occidental 3rd District Rep. Javier Miguel Benitez is pushing the proposed RESCUE Act, which would create a standing system for emergency economic action instead of forcing government to build a response from scratch in the middle of a crisis.

One of the bill’s biggest features is a proposed Bayanihan Economic Stabilization Fund worth at least P50 billion. Once a state of national emergency is declared, that fund could be mobilized to release assistance within 72 hours, aiming to get help out much earlier than in past crises.

The measure also proposes a National Economic Resilience Council and an Economic Early Warning System. The idea is to monitor risks ahead of time and coordinate action before problems spread across transport, jobs, food supply, and small businesses.

Benitez said workers and sectors like transport groups, fisherfolk, OFWs in conflict-prone areas, and MSMEs are especially vulnerable in the current environment. He argued that government should not wait until a crisis is already burning before putting emergency tools in place.

The proposal comes as tensions in the Middle East continue to affect oil markets, with fuel costs becoming a major worry for the Philippines. Kung maipasa, the bill would give the government a ready-made economic playbook for the next big disruption instead of another last-minute scramble.

Source: The Manila Times