The Philippine Senate is considering draft Bill No. SBN-1935, which was first read on 9 March 2026 and provides for the automatic suspension of VAT and excise taxes on fuel. In particular, the draft bill provides that when the average Dubai crude oil price based on the Mean of Platts Singapore (MOPS) reaches or exceeds USD 80 per barrel, the VAT on the sale and importation of fuel and the excise tax on manufactured oils and other fuels will be automatically suspended. This automatic mechanis…