FX.co ★ Philippines Budget Surplus Narrows in April

The Philippines recorded a budget surplus of PHP 31.4 billion in April 2026, down from PHP 67.3 billion in the same month a year earlier. Total government expenditures rose by 11.14% to PHP 505.4 billion, largely reflecting higher National Tax Allotment shares for local government units (LGUs), alongside increased allocations for the Annual Block Grant to BARMM and the Local Government Support Fund. Spending was further boosted by higher budgetary assistance to government-owned and -controlled corporations (GOCCs) and the remittance of PHP 60.0 billion in excess funds from PhilHealth.

On the revenue side, total collections grew by 2.83% year-on-year to PHP 536.8 billion, supported by a 2.62% increase in tax revenues and a 7.32% rise in non-tax revenues. For the January–April period, the national government’s budget deficit narrowed by 14.44% to PHP 324.1 billion, from PHP 378.7 billion in the corresponding period of the previous year.