Senator Christopher “Bong” Go has filed a measure seeking urgent relief interventions to protect Filipinos from the impact of surging fuel prices, including the temporary deferment of contribution payments to key government agencies such as the Philippine Health Insurance Corporation (PhilHealth), the Social Security System (SSS), the Government Service Insurance System (GSIS), and the Home Development Mutual Fund (Pag-IBIG Fund).

The proposed “Fuel Crisis Immediate Relief and Response Act” outlines a set of economic safeguards to ease the financial pressure on households and vulnerable sectors affected by global oil market disruptions.

In his explanatory note, Go cited the escalating tensions in the Middle East involving major oil-producing nations and critical transit routes as a key driver of fuel price volatility.

He pointed to the conflict involving Iran and the US and Israel, as well as disruptions in vital corridors like the Strait of Hormuz, as factors constraining supply and destabilizing global markets.

He noted that global crude prices recently surged past $115 per barrel, underscoring the Philippines’ vulnerability to external shocks as a net oil importer.

One-month grace on bills

The measure mandates a 30-day grace period for all loans from GSIS, SSS, Pag-IBIG, and other government lending institutions, without incurring interest, penalties, or other charges.

Go highlighted that the US-Israel and Iran conflict led to the fuel instability, causing markets to ramp up gas prices.

The bill directs the Department of Trade and Industry to strictly enforce laws against hoarding, profiteering, price manipulation, and other practices that alter the supply and distribution of goods, commodities, and services.

The bill also authorizes the implementation of temporary price control measures on necessities, including medicine and residential rents, during significant fuel price increases or national energy emergencies.

Additionally, the measure mandates a minimum 30-day grace period for utility bills of residents and small businesses, including other utilities without drawbacks or additional charges, providing socioeconomic relief to Filipinos.