Senate Considers Bayanihan 3 as Contingency Plan Amid Oil Market Uncertainty
In a recent development, the Senate is actively preparing for a potential contingency measure aimed at mitigating the impact of volatile oil supply and prices. Senator Sherwin Gatchalian disclosed on Thursday that the proposed Bayanihan 3 is being studied as a fallback plan should the current situation worsen, necessitating further government intervention.
Key Components of the Proposed Measure
According to Gatchalian, the suggested Bayanihan 3 will concentrate on three critical areas:
- Funding Sources: Identifying and securing financial resources to support the initiative.
- Expanded Subsidies: Broadening targeted assistance programs for affected families and transport workers.
- Economic Stimulus: Implementing measures to encourage economic growth and stability.
"We do not have a definite direction yet, but we are preparing in case it becomes necessary," Gatchalian stated during a radio interview.
Financial Requirements and Implementation Strategies
The senator highlighted that the required funding could range from P90 billion to P400 billion, depending on how the situation evolves. This includes potential support for large-scale repatriation operations of Overseas Filipino Workers (OFWs).
To finance this measure, the government might utilize accumulated funds or propose a supplemental budget if needed. Gatchalian emphasized the importance of expanding targeted subsidies, noting, "Targeted assistance should be expanded because it directly helps those in need."
Caution Against Suspending Procurement Laws
In addition, Gatchalian warned against suspending procurement rules, as seen in previous Bayanihan measures, citing risks of corruption. "Procurement laws should not be suspended because there is a risk of corruption," he explained.
Ongoing Assessment and Global Context
He noted that the proposal is still under review, especially as global oil prices show signs of decline due to recent international developments. The Senate continues to monitor the situation before deciding whether to proceed with Bayanihan 3, stressing that this measure is intended as a contingency plan rather than an urgent policy.
Gatchalian added that current funds might suffice in the short term, but authorities must remain prepared for any changes in circumstances.
