FX.co ★ Philippines Budget Deficit Widens in September

The Philippines’ budget deficit widened slightly to PHP 248.9 billion in September 2026 from PHP 248.1 billion in the same month a year earlier. Total revenues rose 12.95% year-on-year to PHP 318.2 billion, supported by a 12.11% increase in tax collections and a 27.22% jump in non-tax revenues. Customs receipts benefited from stronger VAT and import duty collections, partly due to peso depreciation and higher global oil prices.

Total expenditures expanded by 7.04% to PHP 567.1 billion, reflecting increased disbursements for education, health, social protection programs, and infrastructure projects. Primary expenditures grew 7.46% and accounted for 84.91% of overall spending, while interest payments increased by 4.74%.

For the first nine months of the year, the government posted a cumulative budget deficit of PHP 1,303.2 billion, up from PHP 1,117.3 billion in the corresponding period of the previous year.