FX.co ★ Philippines Budget Deficit Widens in August

In August 2025, the Philippine government's budget deficit expanded to PHP 84.8 billion, compared to PHP 54.2 billion in the same month of the previous year. There was an 11.4% increase in government revenues, amounting to PHP 352.5 billion, driven by a 3.4% rise in tax revenues, which helped counterbalance a significant 67.8% decline in non-tax revenue collections. Conversely, government spending decreased slightly by 0.7% year-on-year, totaling PHP 437.3 billion. From January through August, the total deficit reached PHP 869.2 billion, remaining comfortably within the adjusted full-year target of PHP 1.56 trillion, compared to a deficit of PHP 697 billion recorded for the same period last year.