Senate files Bayanihan 3 bill to curb fuel price surge
MANILA — Senator Loren Legarda filed a proposed measure, dubbed “Bayanihan 3”, in the Senate on Monday, seeking to grant the President emergency powers to manage rising fuel prices and stabilize supply.
Senate Bill No. 2020 aims to authorize targeted, time-bound interventions to address petroleum costs and mitigate their impact on transportation, agriculture, and essential goods. The bill cites escalating geopolitical tensions in West Asia and the Middle East that have disrupted global supply chains, driving up international prices and contributing to domestic fuel hikes.
“The dawn of 2026 has been defined by a sharp escalation of geopolitical hostilities. These localized conflicts have transcended regional borders, transforming into a global security threat,” Legarda said, noting that the surge in fuel prices is already creating widespread economic strain.
“This energy shock has catalyzed a profound socio-economic crisis across the archipelago, increasing the cost of logistics, transportation, and agricultural production,” she added.
Under the proposed law, the government may temporarily intervene in the oil industry, including implementing price stabilization measures, managing supply, and ensuring adequate fuel allocation during the emergency period. Fiscal relief provisions include suspending or reducing excise taxes and potentially zero-rating value-added tax (VAT) on petroleum products to immediately ease pump prices.
The bill also provides subsidies and financial support for the transport, agriculture, and fisheries sectors, alongside demand-side measures such as promoting energy conservation and accelerating the transition to alternative energy sources.
Additionally, it institutionalizes a whole-of-government response through an expanded UPLIFT (Unified Package for Livelihoods, Industry, Food, and Transport) framework, ensuring energy security, food stability, and continuity of essential services during the emergency.
Legarda emphasized that the emergency powers would be limited in scope and duration, with safeguards on transparency and mandatory reporting to ensure accountability.
NPO News Team | Philippine News Agency - PR
