Rep. Javier Miguel Benitez (Neg. Occ., 3rd District has filed the Resilient Economy and Stabilization for Crisis and Urgent Emergencies (RESCUE) Act, a measure that seeks to establish a more comprehensive and permanent system for faster, more proactive economic crisis response, on Friday, March 27.
The RESCUE Act institutionalizes a whole-of-government approach to crisis preparedness, ensuring that systems are already in place before emergencies strike, he said.
At the core of the proposed bill is a Bayanihan Economic Stabilization Fund with a target of at least Php 50 billion, which can be mobilized once a national emergency is declared, with assistance required to be deployed within 72 hours, he said.
The bill also proposes the creation of a National Economic Resilience Council to coordinate a “whole-of-government” response and a real-time Economic Early Warning System to monitor risks before they reach a breaking point.
“We don’t buy a fire truck only when our house is already on fire. But this is exactly what we have been doing,” Benitez said, stressing that the RESCUE Act is about fixing the system before the next crisis hits.
The bill aims to strengthen emergency protections, including direct cash transfers, fuel and wage subsidies, and mandatory grace periods on loans, rent, utilities, and insurance during declared national emergencies, as well as provisions to boost supply chain resilience, energy security, and strategic reserves, Benitez said.
The bill was filed amid escalating global tensions affecting the Strait of Hormuz, with oil prices nearing $115 per barrel and local diesel prices already around Php 130 per liter, with projections of further increases.
With limited fuel reserves, the country faces mounting pressure to act before the situation worsens, Benitez said.
Transport workers, fisherfolk, overseas Filipino workers in conflict-prone areas, and micro, small, and medium enterprises are among those most at risk from the ongoing crisis, he said.
Its effects are expected to ripple across sectors in a systemic way, affecting communities and the broader economy, including in the Third District of Negros Occidental, he added.
In the district, rising fuel costs are directly affecting the transport of sugarcane from farms to mills, increasing hauling expenses for local operators and farmers, while fishing communities face higher costs to operate vessels and go out to sea, further squeezing already tight margins, Benitez said.
Benitez said the RESCUE Act ensures that response systems, funding, and coordination mechanisms are already in place before a crisis hits, allowing for faster and more targeted intervention.*
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