Senator Win Gatchalian warned that the Philippine government may need a P400-billion “Bayanihan 3” supplemental budget to keep the economy afloat amid escalating Middle East conflicts threatening oil supplies. He cited risks to vital maritime routes like the Red Sea. The House of Representatives is also drafting a similar measure focused on long-term structural reforms.
Speaking to reporters, Sen. Win Gatchalian revealed that Senate PROTECT committee projections indicate a massive legislative intervention is needed if vital maritime chokepoints beyond the Strait of Hormuz shut down completely.
He specifically pointed to the threatened closure of the Red Sea, a key route for Saudi Arabian petroleum exports to the Philippines. “Based on our initial computation, all in all, worst case scenario is – about P400 billion would be needed,” he said in Filipino. “Let’s say no more oil inflows – that’s the worst case, especially if the situation drags on,” he added.
Meanwhile, Rep. Miro Quimbo, chairman of the House committee on ways and means, said on Tuesday that the House is crafting a “Bayanihan 3” measure that extends beyond direct cash aid to include long-term structural reforms.
The Senate is conducting internal simulations to estimate costs for interventions like targeted transport subsidies and cash aid for minimum wage earners. Funding for the Pantawid Pasada program alone could range from P7.6 billion to P61 billion. Gatchalian noted the executive branch currently has P188 billion to P200 billion available for immediate relief efforts.
