FX.co ★ Philippines Swings to Budget Surplus in January 2026 After Deep December Deficit

The Philippines’ fiscal position sharply improved at the start of 2026, with the national budget balance turning to a surplus of 165.4 billion pesos in January 2026 from a deficit of 313.2 billion pesos in December 2025.

The turnaround marks a significant month-on-month shift in the government’s accounts, reflecting a transition from heavy net spending in December to a positive balance in January. The latest figures, updated on 20 March 2026, highlight a strong opening to the year for the country’s public finances and set a different tone after the year-end shortfall recorded in December.