Philippines Budget Deficit Widens in August

The Philippine government’s budget deficit widened to PHP 84.8 billion in August 2025 from PHP 54.2 billion in the same month last year. Government revenues grew 11.4% year-on-year to PHP 352.5 billion, as sustained growth in tax revenues (3.4%) offset a drop in non-tax collections (-67.8%). Meanwhile, government expenditures fell by 0.7% year-on-year to 437.3 billion. Year-to-date through August, the cumulative deficit increased PHP 869.2 billion, well within the revised full-year target of PHP 1.56 trillion, from PHP 697 billion last year.