House bill proposes P50-B economic stabilization fund

Negros Occidental 3rd District Representative Javier Miguel Benitez has called for a comprehensive and permanent system for faster, more proactive economic crisis response.

In a statement on Saturday, Benitez said his proposed Resilient Economy and Stabilization for Crisis and Urgent Emergencies (RESCUE) Act was filed amid escalating global tensions affecting the Strait of Hormuz, a key waterway, with oil prices nearing $115 per barrel and local diesel prices already at around P130 per liter, with projections of further increases.

A key feature of the measure is the P50-billion Bayanihan Economic Stabilization Fund, which can be mobilized once a national emergency is declared, with assistance required to be deployed within 72 hours.

Benítez said the measure also proposes the creation of a National Economic Resilience Council to coordinate response efforts, alongside a real-time economic early warning system to monitor risks and enable timely intervention.

The lawmaker added that 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, with its effects expected to ripple across sectors in a systemic way, affecting communities and the broader economy.

Benitez said the proposed RESCUE Act would ensure that response systems, funding, and coordination mechanisms are already in place before a crisis hits, allowing for faster and more targeted intervention.

The measure also strengthens 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. — VBL, GMA Integrated News