Emergency crisis response system bill filed at House

MANILA, Philippines — Negros Occidental 3rd District Rep. Javier Miguel Benitez will file a bill that will create a system for a faster, more proactive economic crisis response, including a fund worth at least P50 billion to be released once a state of emergency is declared. The "Resilient Economy and Stabilization for Crisis and Urgent Emergencies (RESCUE) Act" seeks for a broader and more institutionalized economic response system that builds on the frameworkof the Bayanihan Economic Resilience Bill, which will provide government with the tools to address large-scale economic disruptions. In a statement on Saturday, Benitez said that transport workers, fisherfolk, overseas Filipino workers in conflict-prone areas, and micro, small, and medium enterprises were 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. “We are not buying a fire truck if the house is currently burning, but that is what we are doing. During Covid, we wrote two emergency laws and spent P646 billion while the crisis was already on top of us. Now, with diesel costing P130 per liter, fishermen cannot go out in the sea and two million OFWs are in the conflict zone," Benitez said. The bill was filed as the war in the Middle East has affected operations along the Strait of Hormuz, with Iran blocking the passage of vessels allied with US and Israel, causing oil prices to jack up close to $115 a barrel. Under the bill, a "Bayanihan Economic Stabilization Fund" with a target of P50 billion will be created, which would be mobilized once a state of national emergency is declared, with assistance deployed within 72 hours. Aside from the fund, a National Economic Resilience Council will also be created to coordinate response efforts, while an Economic Early Warning System will be set up to monitor risks and enable timely intervention.

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