SEVERAL lawmakers on Friday pushed for tighter fiscal discipline and targeted government aid as the Philippines braces for economic fallout from rising global oil prices driven by tensions in the Middle East.
“Government agencies and branches should review their spending and savings plans and ensure that their priorities are aligned with the needs of our citizens,” said Senator Sherwin Gatchalian as he introduced Senate Resolution No. 349.
Gatchalian, chairman of the Senate Committee on Finance, filed the measure urging careful fiscal management in implementing the 2026 General Appropriations Act amid global economic uncertainty.
He warned that the Philippines remains highly vulnerable to oil shocks as it imports about 98 percent of its crude supply from the Middle East, making the local economy sensitive to regional instability.
According to the lawmaker, stricter and more specific fiscal measures are needed beyond existing energy conservation directives to mitigate the crisis’ impact on economic growth and government revenues.
Senator Bam Aquino, meanwhile, urged the government to deliver immediate and targeted assistance to micro, small, and medium enterprises and vulnerable segments of the middle class affected by rising costs.
Aquino noted that many minimum wage earners and small business owners fall outside traditional aid programs despite facing significant economic strain.
“We will eventually feel the shocks in the markets, grocery stores, gas stations, and small neighborhood shops. This is the really painful part. The government needs to act quickly,” he said.
Support could include fuel subsidies, direct cash assistance, and stronger supply chain linkages, including increased government procurement from MSMEs, Aquino explained.
“We have to keep our businesses open. We have to support our transport drivers because if it becomes too expensive to go out, why would we even leave the house?” he said.
Senator Risa Hontiveros, for her part, backed the expansion of emergency cash aid to include more public utility vehicle drivers and transport cooperatives, even those not classified among the poorest sectors.
In a March 19 letter, Hontiveros asked the Department of Budget and Management to clarify how a P30-billion emergency assistance fund under the Department of Social Welfare and Development can be redirected to support transport workers affected by the oil crisis.
“Our drivers are struggling to earn and are already in debt, and the P1 fare hike has been suspended. We should not wait for the entire public transport system to be paralyzed before we act,” she said.
The senator cited initial findings showing drivers are losing more than P1,000 daily per vehicle despite existing fuel subsidies and tax relief measures.
Additionally, transport cooperatives are also in need of financial support as rising fuel costs forced them to cut operations and reduce fleet deployment.
“Without a clear mechanism to ensure DSWD support reaches them, we face a distressing paralysis of our public transport system,” she said.
On Wednesday, the Senate adopted a resolution to create an ad hoc committee tasked with addressing the country’s socioeconomic challenges amid the Middle East conflict.
Senate Resolution No. 350, introduced by Senate President Vicente Sotto III, Majority Leader Juan Miguel Zubiri, and Minority Leader Alan Peter Cayetano, seeks to proactively assess the impact of the conflict and guide the development of a national contingency plan.
“The Senate, in the exercise of its constitutional oversight function, cannot remain passive or rely solely on executive initiative when emerging crises pose significant risks to the lives, livelihoods, and welfare of the Filipino people, and must therefore take proactive steps to ensure that necessary preparations, safeguards, and policy responses are fully examined and pursued,” the resolution read.
The Protect Committee, formally called the Proactive Response and Oversight for Timely and Effective Crisis Strategy, will review the implementation of government contingency plans related to tensions involving the United States, Israel, and Iran.
Gatchalian will lead the panel, with vice chairs drawn from the committees on Energy, Agriculture, Food and Agrarian Reform, Trade, Commerce and Entrepreneurship, and Tourism.
Membership also includes the three Senate leaders and the chairpersons of all remaining permanent committees to ensure cross-sector coordination and oversight.
The committee will address issues including energy security, food supply, employment, inflation, and the welfare of Overseas Filipinos affected by the crisis, particularly in the Middle East.
“The creation of an ad hoc committee would therefore enable the Senate to integrate the insights, recommendations, and findings arising from different committee proceedings and ensure that the legislative response to the crisis is unified, strategic, and responsive to the evolving national situation,” it said.
