MANILA – The Senate is preparing a possible contingency measure that would include funding support and expanded subsidies to cushion the impact of volatile oil supply and prices, a lawmaker said on Thursday.
Sen. Sherwin Gatchalian said the proposed Bayanihan 3 measure is being studied as a fallback plan should current conditions worsen and require additional government intervention.
He said the proposal would focus on three key components: identifying funding sources; expanding subsidies and assistance; and providing economic stimulus or “pump-priming” measures to support growth.
“Wala pa itong definite na direction pero naghahanda kami kung kakailanganin (There is no definite direction yet, but we are preparing in case it becomes necessary),” Gatchalian said in a radio interview.
The senator said funding requirements could range from PHP90 billion to as much as PHP400 billion, depending on how the situation develops, including the possible need to support large-scale repatriation of overseas Filipino workers.
He added that the government may tap savings or propose a supplemental budget to finance the measure if needed.
Gatchalian also emphasized the need to expand targeted subsidies, including additional assistance for vulnerable households and transport workers affected by higher fuel costs.
“Mas dapat palawakin ang targeted assistance dahil ito ang direktang nakakatulong sa mga nangangailangan (Targeted assistance should be expanded because it directly helps those in need),” he said.
At the same time, he said procurement safeguards should remain in place, warning against suspending bidding rules as in previous Bayanihan measures.
“Hindi na dapat isuspinde ang procurement laws dahil may risk ng corruption (Procurement laws should not be suspended because there is a risk of corruption),” he said.
Gatchalian, however, stressed that the proposal remains under review, particularly as global oil prices have shown signs of easing following recent developments abroad.
He said the Senate would continue to assess the situation before deciding whether to pursue Bayanihan 3, emphasizing that the measure is intended as a contingency plan rather than an immediate policy direction.
The senator added that existing funds may still be sufficient in the short term, but authorities must remain prepared should conditions change. (PNA)
