Philippines proposes ₱50B Rescue Act as fuel prices hit ₱130 per litre
A new economic rescue bill has been filed in response to soaring fuel prices and global oil market disruptions. The Resilient Economy and Stabilization for Crisis and Urgent Emergencies (Rescue) Act was introduced by lawmaker Javier Miguel Benitez on 27 March 2026. The proposal comes as diesel prices in the Philippines hit around ₱130 per litre, with further increases expected due to escalating tensions in the Strait of Hormuz. The ongoing conflict in the Strait of Hormuz began with US-Israeli strikes on Iran in late February 2026. Since early March, Iran's retaliatory threats and attacks have severely disrupted maritime traffic, blocking roughly 20% of global oil shipments. Brent crude prices have since surged past $105 per barrel, nearing $115 in recent days. The Philippines, which relies heavily on imported oil from the Middle East, now faces sharply higher fuel costs, straining local economies.
The Rescue Act aims to create a permanent system for faster economic crisis response. It builds on the earlier Bayanihan Economic Resilience Bill and proposes a ₱50 billion Bayanihan Economic Stabilization Fund. If a national emergency is declared, assistance from this fund must be released within 72 hours.
Key measures in the bill include direct cash transfers and fuel subsidies to ease financial burdens. It also establishes a real-time Economic Early Warning System to monitor risks and enable swift intervention. Additionally, a National Economic Resilience Council would coordinate response efforts across government agencies. The Rescue Act seeks to provide structured support as fuel prices climb and global oil supply risks persist. If passed, the bill would offer immediate financial relief while strengthening long-term economic safeguards. The proposed fund and early warning system are designed to reduce delays in crisis response.
