Philippines Budget Deficit Narrows in December

2026-03-03 08:36 By Jereli Escobar 1 min. read

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.



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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.
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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.
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Philippines Budget Surplus Widens in October
The government budget surplus in the Philippines widened to PHP 11.2 billion in October 2025, compared with PHP 6.3 billion in the corresponding month of the previous year. Government revenues fell by 6.6% year-on-year to PHP 441.7 billion, driven by a significant decline in non-tax collections. Meanwhile, government expenditures dropped more sharply by 7.8% to PHP 430.6 billion, mainly attributed to reduced infrastructure spending amid the ongoing probe on the DPWH’s flood control issues and review of project implementation. Considering January to October of 2025, the country's budget deficit increased to PHP 1,106.1 billion from PHP 963.9 billion in the same period a year earlier. Total revenues rose 1.1% to PHP 3.8 trillion, led by tax receipts (+7.5%), while expenditures grew 3.9% to PHP 4.9 trillion.
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