By CESAR JOLITO III
A lawmaker from Negros Occidental filed a proposed measure aimed at strengthening the country’s capacity to respond to economic shocks through a permanent pre-positioned crisis response system.
The proposal, Resilient Economy and Stabilization for Crisis and Urgent Emergencies (RESCUE) Act, was filed by 3rd District Representative Javier Miguel Benitez.
The filing comes as global oil prices continue to climb amid tensions in the Strait of Hormuz, with crude reaching nearly $115 per barrel and domestic diesel prices reportedly hitting around P130 per liter, raising concerns over further inflationary pressures in fuel-dependent sectors.
Under the proposal, the RESCUE Act seeks to move away from ad hoc emergency responses by institutionalizing a whole-of-government mechanism that can be activated immediately during crises affecting the economy.
A key feature of the bill is the creation of a Bayanihan Economic Stabilization Fund with a target capitalization of at least P50 billion, which may be rapidly deployed once a national emergency is declared.
The measure also requires assistance to be released within 72 hours of activation.
It likewise proposes the establishment of a National Economic Resilience Council to coordinate government response efforts, along with a real-time economic early warning system designed to monitor risks such as global supply disruptions, energy shocks and inflation spikes.
Benitez said the country’s experience during the Covid-19 pandemic highlighted the need for a standing system rather than reactive legislation.
“During COVID-19, we had to pass multiple emergency laws and spend hundreds of billions while already in crisis. We should not wait for disasters to build the system,” Benitez said in a statement, stressing the need for pre-arranged funding, coordination and rapid deployment mechanisms.
The bill also strengthens emergency support measures, including direct cash assistance, fuel and wage subsidies, and mandatory grace periods on loans, rent, utilities, and insurance during declared national emergencies.
It further includes provisions to improve supply chain resilience, energy security and strategic reserves to cushion the impact of global disruptions on local industries.
In the 3rd District of Negros Occidental, rising fuel costs are already affecting sugarcane transport and fishing operations, with higher hauling and operating expenses squeezing incomes in both agricultural and coastal communities.
If enacted, the RESCUE Act would expand and institutionalize the framework of the Bayanihan Economic Resilience model, shifting the country toward a proactive rather than reactive system of economic crisis management./CJ, WDJ