A proposed measure in the Senate seeks to roll out a broad relief package for workers and small businesses as rising fuel costs continue to strain household incomes and business operations.
Sen. Mark Villar on Thursday said Senate Bill No. 2032, or the Relief and Recovery Interventions for Low-Income Earners, Minimum Wage Earners, Self-Earning Individuals, and Micro, Small, and Medium Enterprises (RELIEF) Act aims to cushion the impact of increasing oil prices, which have driven up the cost of goods and services and placed vulnerable sectors at risk.
“Ramdam natin ang patuloy na pagtaas ng presyo ng langis, ngunit mas mabigat ang epekto nito sa mga kumikita ng minimum wage, sa ating mga self-earning na kababayan, at sa maliliit na negosyo. Kailangan nating tiyakin na may sapat silang proteksyon at suporta (We feel the continued increase in oil prices, but its impact is heavier on minimum wage earners, our self-earning Filipinos, and small businesses. We need to ensure they have sufficient protection and support),” Villar said.
Citing a study by the Philippine Institute for Development Studies, Villar warned that up to 3.1 million more Filipinos could fall into poverty if fuel prices remain elevated, while micro, small and medium enterprises (MSMEs) may struggle to sustain operations.
The proposal outlines targeted interventions for low-income households, minimum wage earners, self-earning individuals and MSMEs, including temporary relief from financial obligations and improved access to credit.
Among the key measures are grace periods for rent and loan payments, penalty-free restructuring of existing loans, flexible tax and compliance deadlines, and low-interest credit facilities to help businesses and individuals stay afloat.
Under the bill, beneficiaries include workers in both public and private sectors earning minimum wage, self-employed individuals such as service providers and small vendors and MSMEs, which account for the majority of businesses in the country.
The measure also provides for loan restructuring without penalties, extension of statutory deadlines, and access to credit accommodations during the period of elevated fuel prices. (PNA)
