A proposed measure in the House of Representatives is pushing for a permanent economic defense mechanism that would allow the government to move faster when global crises begin to hit Filipino households and businesses.
Negros Occidental 3rd District Rep. Javier Miguel Benitez has filed the proposed Resilient Economy and Stabilization for Crisis and Urgent Emergencies Act, or RESCUE Act, which seeks to establish a more organized and immediate response system for economic disruptions triggered by external shocks.
At the center of the proposal is a P50-billion Bayanihan Economic Stabilization Fund that could be activated once a national emergency is declared. Under the bill, assistance must be rolled out within 72 hours, aiming to prevent vulnerable sectors from bearing the brunt of sudden spikes in fuel prices, supply disruptions, and other crisis-related pressures.
Benitez said the proposal comes at a time of rising uncertainty in the global market, particularly with tensions escalating around the Strait of Hormuz, a critical oil shipping route. With oil prices nearing $115 per barrel and domestic diesel prices already hovering at around P130 per liter, concerns are mounting over the possible impact on transportation, food prices, and overall economic stability.
The proposed legislation seeks to move the government away from ad hoc crisis measures by putting in place a standing framework for action before economic distress deepens. Benitez said the goal is to ensure that funding, coordination, and intervention tools are ready even before a full-blown crisis unfolds.
The bill also calls for the creation of a National Economic Resilience Council, which would serve as the lead coordinating body during emergencies. It would be backed by a real-time economic early warning system designed to monitor threats and flag risks early, allowing authorities to respond before disruptions spread across industries and communities.
Among those expected to benefit most from the proposed law are transport workers, fisherfolk, overseas Filipino workers in conflict-affected areas, and micro, small, and medium enterprises, which are often among the first sectors hit when fuel costs surge and global instability spills into local markets.
Beyond emergency funding, the RESCUE Act also outlines a broader package of safeguards during declared national emergencies. These include direct cash assistance, fuel and wage subsidies, and mandatory grace periods for loans, rent, utilities, and insurance payments. It also contains provisions aimed at strengthening supply chains, improving energy security, and building up strategic reserves to cushion the country from future shocks.
For Benitez, the measure is about making crisis response faster, more deliberate, and less reactive. Instead of scrambling for solutions after the damage is felt, the proposed law seeks to give the government a ready-made system to protect livelihoods and keep the economy on steadier ground when global turmoil strikes.
