3 hours ago
2
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
Due to faster increase in spending than earnings, the national government’s fiscal deficit widened by 24.7 percent to ₱869.2 billion in the first eight months of the year from ₱697 billion in the same period last year.
Still, the year-to-date fiscal deficit remains manageable, clocking in “well within the ₱1.56 trillion revised full-year program for fiscal year (FY) 2025,” according to the Bureau of the Treasury (BTr). It also accounted for only 55.7 percent of the target.
Total revenues collected through August reached ₱3.09 trillion, 3.3 percent higher than last year’s ₱2.99 trillion. That figure is equivalent to 68.4 percent of the revised full-year target of ₱4.52 trillion.
Tax collections made up the bulk at ₱2.79 trillion, a nine percent increase from ₱2.56 trillion a year ago.
Collections from the Bureau of Internal Revenue (BIR), the country’s top tax-collection agency, increased 11.5 percent to ₱2.14 trillion as of end-August from ₱1.92 trillion a year ago.
This was driven by “higher” corporate income tax (CIT), personal income tax (PIT), value-added tax (VAT), excise tax on tobacco, percentage tax on banks or financial institutions, and documentary stamp tax (DST).
The Bureau of Customs, the country’s second-largest revenue agency, collected ₱621.4 billion from January to August, 1.1 percent higher than last year’s ₱614.4 billion. The Treasury said this uptick was driven by the Bureau’s efforts against illicit trade.
Notably, non-tax revenues dropped 31.4 percent to ₱298.3 billion from ₱434.8 billion a year earlier.
