The Philippines’ budget deficit widened to PHP 349.7 billion in March 2026 from PHP 342.9 billion in the corresponding month of the previous year. This marked the largest deficit since a record high in December 2023. Total revenues rose 9.25% year-on-year to PHP 305.1 billion, driven by a 6.51% increase in tax collections and a 45.54% surge in non-tax revenues. Total expenditures increased 5.23% to PHP 654.8 billion, led by higher National Tax Allotment shares of LGUs, as well as releases for their Special Shares in the Proceeds of National Taxes – Tobacco Excise tax and the Local Government Support Fund. Spending was also buoyed by higher budgetary assistance to GOCCs and PHP 20.0 billion in releases to the DOE for the government’s Emergency Energy Program, aimed at boosting fuel supply amid Middle East tensions. For the first quarter of the year, the country recorded a budget shortfall of PHP 355.5 billion, narrowing from PHP 446.0 billion in the same period last year. source: Bureau of the Treasury, Philippines

Philippines recorded a government budget deficit of 349662 PHP Million in March of 2026. Government Budget Value in Philippines averaged -17878.91 PHP Million from 1959 until 2026, reaching an all time high of 165374.00 PHP Million in January of 2026 and a record low of -400956.00 PHP Million in December of 2023. This page provides the latest reported value for - Philippines Government Budget Value - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Philippines Government Budget Value - data, historical chart, forecasts and calendar of releases - was last updated on April of 2026.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-04-07 07:00 AM
Budget Balance
Feb PHP-171.2B PHP165.4B PHP-50.0B
2026-04-23 08:35 AM
Budget Balance
Mar PHP-349.7B PHP-171.2B PHP -400.0B
2026-05-26 08:00 AM
Budget Balance
Apr PHP-349.7B


Related Last Previous Unit Reference
Fiscal Expenditure 654750.00 532533.00 PHP Million Mar 2026
Budget Balance -349662.00 -171202.00 PHP Million Mar 2026
Government Debt to GDP 63.20 60.70 percent of GDP Dec 2025
Government Revenues 305088.00 361331.00 PHP Million Mar 2026


Philippines Government Budget Value
The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues.
Actual Previous Highest Lowest Dates Unit Frequency
-349662.00 -171202.00 165374.00 -400956.00 1959 - 2026 PHP Million Monthly
Current Prices, NSA

News Stream
Philippines Budget Deficit Widens in March
The Philippines’ budget deficit widened to PHP 349.7 billion in March 2026 from PHP 342.9 billion in the corresponding month of the previous year. This marked the largest deficit since a record high in December 2023. Total revenues rose 9.25% year-on-year to PHP 305.1 billion, driven by a 6.51% increase in tax collections and a 45.54% surge in non-tax revenues. Total expenditures increased 5.23% to PHP 654.8 billion, led by higher National Tax Allotment shares of LGUs, as well as releases for their Special Shares in the Proceeds of National Taxes – Tobacco Excise tax and the Local Government Support Fund. Spending was also buoyed by higher budgetary assistance to GOCCs and PHP 20.0 billion in releases to the DOE for the government’s Emergency Energy Program, aimed at boosting fuel supply amid Middle East tensions. For the first quarter of the year, the country recorded a budget shortfall of PHP 355.5 billion, narrowing from PHP 446.0 billion in the same period last year.
2026-04-23
Philippines Budget Deficit Narrows Slightly in February
The Philippines posted a budget deficit of PHP 171.2 billion in February 2026, slightly narrowing from the PHP 171.4 billion shortfall recorded in the same month a year ago. Total revenues surged 43.52% year-on-year to PHP 361.3 billion, driven by a sharp increase in non-tax revenues, reflecting the earlier-than-usual remittance of 2025-earned dividends. Total expenditures climbed 25.83% to PHP 532.5 billion, largely due to the spillover of January’s National Tax Allotment (NTA) and Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) block grant releases into early February, as well as releases for the Special Shares of LGUs in the Proceeds of National Taxes – Tobacco Excise Tax. For the January–February period, the budget deficit shrank to PHP 5.8 billion, a significant decline of 94.35% from PHP 103.1 billion in the corresponding period last year.
2026-04-07
Philippines Budget Surplus Widens in January
The Philippines’ government budget surplus widened sharply to PHP 165.4 billion in January 2026 from PHP 68.4 billion in the same month a year earlier. Government revenues edged up 0.4% year-on-year to PHP 468.9 billion, driven by a 1.21% increase in tax collections to PHP 442.8 billion, which accounted for 94.5% of total revenues. In contrast, non-tax revenues declined by 12.08% to PHP 26.0 billion. Meanwhile, government expenditures fell sharply by 23.9% to PHP 303.5 billion, mainly due to the rescheduling of transfers to local government units and the base effect of elevated capital outlays in January last year. Primary expenditures dropped by 40.3% to PHP 175.7 billion, while interest payments rose by 22.4% to PHP 127.8 billion, reflecting higher debt servicing costs and changes in payment timing. Excluding interest payments, the national government’s primary surplus surged to PHP 293.2 billion, up from PHP 172.8 billion in January 2025.
2026-03-20