As the 2026 global oil crisis pushes up the cost of fuel, electricity, food, and other essentials, Senator Loren Legarda has filed Senate Bill No. 2020, or the Bayanihan 3: Power to the People Act, a comprehensive emergency bill that pairs immediate relief for ordinary Filipinos with a temporary, crisis-specific revenue package. Among its key features is a one-time wealth levy on ultra-high-net-worth individuals, designed to ensure that those most capable of absorbing the shock contribute more, but only for the limited period of the national emergency.

The proposal introduces a one-time Solidarity Wealth Contribution on net assets of individuals with wealth exceeding ₱1 billion. The levy is tiered and progressive, with 1 percent imposed on assets above ₱1 billion, 2 percent above ₱2 billion, 3 percent above ₱3 billion, and 4 percent above ₱4 billion. Structured as a one-time emergency measure, the contribution ceases upon termination of the national emergency unless otherwise provided by Congress. Primary residences and assets directly used in active business operations may qualify for exemptions under implementing guidelines.

“Ang panukalang ito ay panawagan sa tunay na bayanihan. Sa gitna ng krisis, lahat tayo dapat magbahagi ng pasanin ayon sa ating kakayahan. Hindi puwedeng ang ordinaryong Pilipino lang ang laging unang tinatamaan ng taas-presyo, habang ang pamahalaan naman ay limitado sa piecemeal na tugon. Kaya sa panukalang ito, ang mga may mas malaking kakayahang tumulong ay inaasahang makikibahagi rin, pansamantala, upang may maipantustos sa agarang tulong para sa mga pinakaapektadong sektor,” Legarda said.

The Solidarity Wealth Contribution is part of a four-pillar progressive tax package designed to ensure burden-sharing and raise revenues for the crisis fund. Alongside the wealth levy, the bill requires the Executive to look into the possibility of imposing a windfall profit levy of up to 15 percent on extraordinary crisis-related profits of public utilities and corporations in energy, transport, and water.

The bill also requires the Executive to immediately assess, within 30 days, a temporary luxury goods tax on items such as luxury vehicles, jewelry, yachts, private aircraft, high-end fashion, and premium real estate. These revenue measures are proposed to offset the fiscal impact of temporarily suspending or reducing certain taxes in order to deliver immediate relief to the sectors most affected by the crisis. Among the relief measures contemplated are VAT reductions or suspensions on basic commodities, essential medicines, and medical supplies.

Legarda explained that all revenues generated from these measures accrue to a dedicated special purpose fund for emergency response, fuel subsidies, social protection, food security, and energy stabilization. Any unspent balances revert to the General Fund after the emergency ends.

“Iisa lang ang bayan natin. Sa panahon ng krisis, hindi puwedeng may naiiwan at hindi puwedeng iilan lang ang kumikilos. Lahat tayo ay may papel, ang gobyerno, ang pribadong sektor, at ang bawat Pilipino, na mag-ambag ayon sa ating kakayahan dahil hindi natin alam kung hanggang kailan magtatagal ang krisis na ito. Kailangan nating maitawid ang bawat isa sa panahong ito,” Legarda said.

Beyond the tax package, Legarda said that the bill authorizes the Department of Finance, in coordination with the Department of Energy, to suspend, reduce, or defer excise taxes on gasoline, diesel, kerosene, and LPG, and to temporarily suspend, reduce, or zero-rate VAT on petroleum products. Relief must be immediately reflected in retail pump prices, with the Department of Finance required to submit a report within seven days detailing its basis, scope, fiscal impact, and expected consumer price effect.

The proposed measure also strengthens market monitoring and consumer protection. The Department of Energy is empowered to require complete industry data and to establish a National Energy Real-Time Monitoring System to detect predatory pricing and cartel behavior. The Energy Regulatory Commission is likewise directed to review electricity bill components and enforce temporary consumer relief measures, including the suspension or restructuring of charges and the review of VAT on pass-through items.

Legarda has built in a safeguard requiring all fiscal measures, including the wealth tax and windfall levy, to undergo rapid assessment covering feasibility, legal basis, constitutional defensibility, administrative workability, and fiscal impact before implementation. Agencies must complete this review within thirty days of effectivity.

“Hindi rin puwedeng ang iilang apektadong ahensya lang ang kumikilos. Dapat buong makinarya ng gobyerno ang gumagalaw. May ilang ahensya na ngang nagsisimula nang mag-isip ng kani-kanilang ambag, at kahit walang direktiba, nagpakita na ng agarang pagtulong sa ating mga kababayan. Walang dahilan para hindi ito tularan ng iba pang sangay ng pamahalaan. Ang tanong dito, ahensya, ano ang ambag mo ngayong krisis?”

“Kaya inoobliga rin ng Bayanihan 3 ang iba’t ibang ahensya na agad aralin ang mga polisiya, ilabas ang datos, at gawin ang lahat ng kinakailangang hakbang upang matukoy kung ano ang legal, makatarungan, at praktikal na maipatutupad. Kailangan mabilis, hindi tulad ng nakikita natin ngayon, pero siyempre kailangan siguraduhin na maayos, para maipalabas natin ang mga polisiyang tunay na makakatulong sa ating mga kababayan,” she added.

The comprehensive package balances urgent relief with long-term resilience, ensuring that no Filipino is left behind in the face of the global oil crisis. Senate Bill No. 2020 was filed and received by the Office of the Secretary on April 6, 2026, during the 20th Congress, First Regular Session.