Senator Risa Hontiveros is pushing for a P52.8 billion supplemental budget as the government prepares for a possible global oil crisis that could drive fuel prices higher in the Philippines. The proposal seeks to establish an emergency fund that would allow authorities to respond quickly if disruptions in international oil supply begin affecting local fuel costs and household expenses.
Hontiveros raised the proposal in the Senate of the Philippines amid rising concern that tensions in the Middle East could tighten global oil supply and trigger price spikes. She said the country needs to prepare early so the government can provide assistance once global developments begin affecting the domestic economy.
“We need to be proactive in protecting our people from the looming oil crisis,” Hontiveros said.
The senator said the proposed P52.8 billion emergency fund would finance programs designed to cushion the impact of higher fuel prices on vulnerable sectors. The proposal includes support for public transport drivers who rely heavily on fuel for daily operations. The plan also provides assistance for the agriculture sector, which faces higher operating costs when fuel prices increase.
Hontiveros said the fund also prepares the government for possible repatriation and reintegration assistance for overseas Filipino workers if tensions in the Middle East disrupt employment in the region.
“We cannot afford to wait until the crisis is already here before we act,” she said.
The proposal comes as authorities monitor developments in global oil markets that could influence fuel prices in the Philippines. Hontiveros said creating the emergency fund ahead of time would allow the government to activate support programs quickly if global oil price shocks begin affecting transportation costs, food prices, and other basic expenses.
