BACOLOD City – Former Ilocos Sur governor and businessman Chavit Singson announced his intent to file a Universal Basic Income (UBI) bill if elected to the Senate in the 2025 midterm elections.
Speaking at a press conference on October 26 here, Singson outlined his vision for a monthly stipend of P500 for Filipinos aged 18 and above with minimum wage earnings.
The proposed measure, which he dubbed “Chavit P500”, would provide lifelong support to eligible beneficiaries.
“Gatgawin kong batas ‘yan para lahat magkaroon pero pangalanan ko na ‘Chavit P500’ para hindi kopyahin,” he jokingly said.
Singson also revealed plans to collaborate with mayors in launching “Banko ng Masa” in December. This initiative aims to offer bank accounts and credit cards to unbanked Filipinos, capitalizing on digital platforms to provide access without requiring in-person bank visits.
Citing statistics, he noted that 77 percent of Filipinos lack bank accounts, while 91 percent have no credit cards.
“We will be giving bank accounts to everybody, without them going to the bank. This would be online because we are now in the world of digitalization,” said Singson.
In addition, Singson discussed his commitment to the government’s public utility vehicle modernization program, announcing plans to bring his electric vehicle factory from South Korea to Lipa, Batangas, by January 2025.
The factory, expected to produce e-vehicles, e-motorcycles, and e-tricycles, will operate on a no-downpayment, zero-interest financing model for drivers.
Supporting Filipino athletes will also be a priority if he secures a Senate seat.
“The government should always support our athletes,” stressed Singson.
Known for his philanthropic support, Singson emphasized his dedication to enhancing athletes’’ welfare, specifically mentioning world-class gymnast Carlos Yulo, a double gold medalist in the 2024 Paris Olymoiucs..
He pledged P5 million to help Yulo reconcile with his family, plus an additional P1 million for Yulo’s family, emphasizing his commitment to supporting Filipino athletes both financially and emotionally./PN
