MANILA — Sen. Francis “Kiko” Pangilinan is seeking a “Bayanihan”-style supplemental budget to meet the needs of Filipinos who are suffering due to the high cost of petroleum brought on by the US and Israel’s attacks on Iran.
In response to growing fuel prices, inflation, and potential displacement of overseas Filipino workers (OFWs), a number of lawmakers on Tuesday urged the national government to set up a contingency fund akin to the emergency measures implemented during the COVID-19 pandemic, such as the Bayanihan to Heal as One Act.
The conflict threatens the world’s oil supply and raises prices, which might have a big impact on the Philippines’ transportation, food, and electricity expenses, therefore lawmakers stressed the need for quick action.
Fuel subsidies for public utility drivers, financial assistance for low-income households, and emergency repatriation help for Filipinos in impacted areas would all be covered by the proposed fund.
According to Pangilinan, among other actions, this will also include a suggested moratorium on loan and interest payments.
Pangilinan emphasized that laws prohibiting profiteering must be upheld in order to discourage others.
According to Pangilinan, he met with members of Congress and representatives from the Department of Agriculture and the Department of Agrarian Reform to discuss the formation of an ad hoc group that will act as a crisis committee to oversee the relief that will be provided.
The Middle East conflict, which was sparked by an attack on Iran in late February by the US and Israel, has caused fuel price spikes in the nation.
Malacañang has accepted the suggestion and stated that it is keeping a careful eye on events overseas. Officials assured the public that backup measures are being planned, even though no final decision has been taken.
As uncertainty looms, analysts say early preparation will be crucial in minimizing the economic shock. A “Bayanihan”-style budget, they note, could provide the government with flexibility and speed in responding to rapidly changing conditions.
For now, authorities continue to urge calm while emphasizing vigilance, as the situation in the Middle East remains fluid and unpredictable.
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