00:00The raging war in the Middle East that has caused a major disruption in the global oil supply chain
00:05could take weeks or months before the countries involved call it quits.
00:09An uncertain timeline in which the cost of oil could surge and stay at over $100 a barrel
00:16and wreak serious ruin to the nation's economy.
00:19Hence, Senator Win Gachalian is suggesting to tap into government's Calamity Fund
00:23to aid the most vulnerable sectors should this worst-case predicament unfold.
00:28As our Luisa Erispe reports.
00:32Senator Sherwin Gachalian believes it is time to evaluate whether a state of calamity should be declared in the country
00:39due to the surge in fuel prices stemming from the tensions in the Middle East.
00:44According to the Senator, if an economic calamity is proven,
00:47the 39.8 billion peso calamity fund under the 2026 General Appropriations Act
00:53could be utilized to mitigate the impact of the oil crisis.
00:56I think dapat mapag-aralan mabuti
00:58kung ano bang, what point natin pwedeng sabihin na meron ng calamity tayo
01:06because of this oil prices.
01:10So that is something that we need to study very carefully.
01:14Ang punto ko lang is may access tayo sa pondo.
01:17At one point natin i-access yan because talagang masama ni sitwasyon,
01:22yun ang dapat mapag-aralan.
01:24Gachalian also noted that contingency funds are available for use.
01:28Totaling the calamity fund, approximately P50 billion pesos in funding could be mobilized
01:33to assist sectors adversely affected by the rising cost of fuel.
01:38However, this would require a formal declaration of a state of calamity
01:42by the government's economic managers.
01:44Kailangan ng declaration yan.
01:46Yes, kailangan ng declaration.
01:48Traditionally, ang nagde-declare niyan is Office of the Civil Defense.
01:52Kasi nga, traditionally, ang calamity natin is disaster.
01:57Pero, ito kakaiba ito.
01:59Ang tawag ko nga diyo, economic calamity.
02:02So, kailangan ma-analyze ng...
02:07Tingin ko, hindi OC dito, but economic managers na.
02:11Senators are still set to discuss whether they will formally recommend this measure
02:16as the President's initial proposal focuses on emergency powers for the suspension of excise tax.
02:22But for the Senator, implementing the suspension of the excise tax may pose significant challenges.
02:28Kung ang presyo mo ay $80 average for 30 days, then dyan pa lang tatanggalin yung excise tax.
02:36Hindi pag pumalo siya ng one day $80, tanggal ka agad.
02:39Kailangan elevated siya ng matagal, ng 30 days.
02:43So, minsan 80 siya, minsan 70 siya, minsan so pababa siya up-down.
02:47The Senator added that reducing the value-added tax of oil is equally complicated.
02:52Ang VAT is very complicated.
02:54Yan ang...
02:55Kasi we operate in a VAT...
02:57Yeah, but we operate on a VAT system eh.
03:01So, kung sinuspend natin yung VAT, magiging problema niyan.
03:07Hindi guarantee rin bababa yung presyo dahil yung input VAT, ipapass on niyan sa ibang mga produkto.
03:14It's a very complex system dahil kailangan mayroong kabangga siya parati.
03:20Nevertheless, the Senator remains confident that should it be deemed necessary,
03:25the Senate can pass the proposed emergency powers for the President before the end of March.
03:30Meanwhile, Senate President Vicente Soto III stated that if the excise tax measure is not passed by next week,
03:37a special session may be convened to ensure the approval of the proposal.
03:42That's at the end of my church!
03:42Now this video can be recorded by email or the parasitaed of all of us.的定義
03:42So, I'm
03:42taking a free time today as a outsider. Also, giving the
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