Hontiveros proposes P53-B supplemental budget to cushion oil crisis

By Wilnard Bacelonia, Philippine News Agency

FUEL UP. Riders queue at a gasoline station along Commonwealth Avenue in Quezon City on Thursday (March 5, 2026). President Ferdinand R. Marcos Jr. said he may seek emergency powers to reduce excise tax on petroleum products, if Dubai crude exceeds USD80 per barrel, currently trading between USD76 and USD78 per barrel. (Photo: PNA/Facebook)

MANILA – Sen. Risa Hontiveros on Monday asked Congress to act on the passage of PHP52.8-billion supplemental budget package to help cushion the economic impact of a potential oil crisis triggered by disruptions in global supply.

During a press briefing, Hontiveros said the proposed emergency package would fund subsidies for the transport and agriculture sectors and support the possible repatriation and reintegration of overseas Filipino workers (OFWs) affected by the escalating conflict in the Middle East.

“Again, due to the present situation, we are urging the passage of a PHP52.8 supplemental budget: PHP12 billion for transport, PHP2.8 billion for agriculture, and at least PHP38 billion in emergency OFW funds for repatriation and reintegration,” she said.

Hontiveros noted that existing allocations may not be enough to address the potential impact of rising fuel prices.

She cited estimates that the transport sector could face about PHP12 billion in additional fuel costs over three months if pump prices increase by more than PHP10 per liter, while current continuing funds for fuel subsidies amount to about PHP2.5 billion.

She also said the agriculture sector may face around PHP2.8 billion in additional costs due to higher fertilizer prices, compared to only PHP150 million in available subsidy funding.

Hontiveros added that the Department of Migrant Workers’ PHP1.76-billion emergency repatriation fund may only cover limited evacuations if the conflict escalates and more OFWs are forced to return home.

She said the government could explore various funding sources for the supplemental budget, including unused allocations from discontinued flood-control projects, repurposed funds for farm machinery programs, phased releases for major infrastructure projects, and part of the PHP17.5-billion budget for the Philippines’ hosting of the 2026 ASEAN Summits and Meetings.

“At siyempre, pwede tayong kumuha sa PHP17.5 billion na pondo para sa pag-host at pag-chair ng Pilipinas sa ASEAN 2026 Summits at Meetings — kaya ‘yan kung magra-rationalize ang ating organizers (And of course, we can tap the PHP17.5 billion fund allocated for the Philippines’ hosting and chairmanship of the ASEAN 2026 Summits and Meetings — this can be done if our organizers rationalize the spending),” Hontiveros said.

She also noted that agencies could begin releasing partial assistance even without a supplemental budget by tapping the PHP23.4-billion National Disaster Risk Reduction and Management Program under the 2026 national budget.

“Hindi totoo na wala tayong mapagkukunan. Meron! Kailangan lang pag-usapan, pag-isipan at aksyunan na agad (It is not true that we have no funds to draw from. We do! We just need to discuss it, study it, and act on it immediately),” she added.