FX.co ★ Philippines Budget Deficit Expands in February

In February 2025, the budget deficit of the Philippine government expanded to PHP 171.4 billion, up from PHP 164.7 billion in the corresponding month the previous year. This period saw government revenues rise by 12.4% on a year-over-year basis, reaching PHP 251.8 billion. This increase was largely fueled by a 10.9% boost in tax collections, which made up 93.5% of the total revenue, alongside a 37.1% rise in non-tax revenues. Concurrently, government spending increased by 8.9% from the previous year to PHP 423.2 billion. This escalation was largely attributed to advancements in billing and right-of-way acquisitions for infrastructure initiatives spearheaded by the Department of Public Works and Highways, as well as the execution of various health and social protection programs. Over the first two months of 2025, the nation’s budget deficit expanded to PHP 103.1 billion, up from PHP 76.7 billion during the same period in 2024.