Manila: Sen. Risa Hontiveros on Monday urged Congress to approve a PHP52.8 billion supplemental budget to address the economic challenges posed by a potential oil crisis due to global supply disruptions. The proposed budget aims to support the transport and agriculture sectors and aid overseas Filipino workers (OFWs) affected by ongoing conflicts in the Middle East.

According to Philippines News Agency, Hontiveros outlined that the emergency package includes PHP12 billion for transport, PHP2.8 billion for agriculture, and at least PHP38 billion for emergency OFW repatriation and reintegration. She emphasized that current allocations may be insufficient to counteract the effects of rising fuel prices.

Hontiveros highlighted that the transport sector could incur an additional PHP12 billion in fuel costs over three months if pump prices rise by more than PHP10 per liter. Current fuel subsidy funds stand at approximately PHP2.5 billion. The agriculture sector could face PHP2.8 billion in extra costs due to increased fertilizer prices, with only PHP150 million available in subsidies.

The senator pointed out that the Department of Migrant Workers' PHP1.76 billion emergency fund might not suffice for widespread evacuations if the Middle East conflict worsens, necessitating more OFWs to return home. She suggested exploring several funding sources for the supplemental budget, such as unused allocations from halted flood-control projects, repurposed funds from farm machinery programs, phased releases for major infrastructure projects, and a portion of the PHP17.5 billion budget for the Philippines' hosting of the 2026 ASEAN Summits and Meetings.

Hontiveros also mentioned that agencies could initiate partial assistance without a supplemental budget by utilizing the PHP23.4 billion National Disaster Risk Reduction and Management Program from the 2026 national budget. She stressed the availability of funds, asserting that action is needed to address the situation promptly.