FX.co ★ Philippines Swings From January Surplus to Sharp Budget Deficit in February 2026

The Philippines’ fiscal position deteriorated sharply in February 2026, with the national budget balance shifting from a sizeable surplus in January to a substantial deficit a month later. According to data updated on 7 April 2026, the budget balance fell from a surplus of 165.4 billion pesos in January 2026 to a deficit of 171.2 billion pesos in February 2026.

This abrupt reversal signals a significant change in the government’s monthly fiscal dynamics early in the year. While the January surplus of 165.4 billion pesos suggested strong revenue performance or restrained spending at the start of 2026, the February deficit of 171.2 billion pesos indicates that expenditures outpaced revenues considerably in the following month.

The shift from surplus to deficit within a single month will be closely watched by investors and analysts monitoring the Philippines’ fiscal sustainability and its potential implications for borrowing needs and broader macroeconomic policy over the rest of 2026.