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. source: Bureau of the Treasury, Philippines

Philippines recorded a government budget surplus of 165374 PHP Million in January of 2026. Government Budget Value in Philippines averaged -17317.02 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
2026-03-03 07:10 AM
Budget Balance
Dec PHP-313.2B PHP-157.6B PHP-230.0B
2026-03-20 12:15 AM
Budget Balance
Jan PHP165.4B PHP-313.2B PHP-90.0B
2026-04-07 08:00 AM
Budget Balance
Feb PHP165.4B PHP-50.0B


Related Last Previous Unit Reference
Fiscal Expenditure 303477.00 617426.00 PHP Million Jan 2026
Budget Balance 165374.00 -313173.00 PHP Million Jan 2026
Government Debt to GDP 63.20 60.70 percent of GDP Dec 2025
Government Revenues 468851.00 304253.00 PHP Million Jan 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
165374.00 -313173.00 165374.00 -400956.00 1959 - 2026 PHP Million Monthly
Current Prices, NSA

News Stream
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
Philippines Budget Deficit Narrows in December
The Philippines government's budget deficit narrowed to PHP 313.2 billion in December 2025 from PHP 329.5 billion in the same month a year earlier. Government revenues declined 3.3% year-on-year to PHP 304.3 billion, while expenditures fell at a faster pace of 4.2% to PHP 617.4 billion. Stronger tax collections from the Bureau of Internal Revenue (+11.1%) and the Bureau of Customs (+9.8%) supported to limit the shortfall, although non-tax revenues plunged 59.3% to PHP 25.7 billion. For the full year 2025, the fiscal deficit widened 4.7% to PHP 1,576.8 billion from PHP 1,506.4 billion in 2024. Total revenues inched up 0.8% to PHP 4.5 trillion, driven by a 7.3% rise in tax receipts, while expenditures also increased 1.8% to PHP 6 trillion, driven by higher spending on LGU allocations, interest payments, and civilian salary adjustments that offset cuts to GOCC subsidies. For the full year 2025, the total primary deficit eased to PHP 712.7 billion, down from PHP 743 billion last year.
2026-03-03
Philippines Budget Deficit Narrows in November
The Philippine government’s budget deficit narrowed to PHP 157.6 billion in November 2025 from PHP 213 billion in the same month last year. Government revenues grew 0.7% year-on-year to PHP 340.7 billion, while expenditures fell 9.6% to PHP 498.3 billion. Strong tax collections from the Bureau of Internal Revenue (+2.7%) and the Bureau of Customs (+3.4%) contributed to the narrower deficit, although non-tax revenues fell 41.6% to PHP 9.3 billion. For January to November 2025 period, the country's budget deficit increased to PHP 1,263.7 billion from PHP 1,176.9 billion in the same period a year earlier. Total revenues rose 1.1% to PHP 4.1 trillion, led by tax receipts (+7.0%), while expenditures grew 2.5% to PHP 5.4 trillion. Total primary deficit eased to PHP 463.2 billion, partly due to delays in some flood control projects amid ongoing probes into alleged corruption.
2025-12-23