The national government (NG) recorded a fiscal deficit of P1.11 trillion as of end-October 2025, an increase from the P963.9 billion recorded in the same period last year, the Bureau of the Treasury (BTr) said Wednesday.
It said the 10-month fiscal gap remains on track with the government’s fiscal consolidation goal, reaching 70.83 percent of the revised P1.56 trillion full-year target for 2025.
Revenue collection amounted to P3.81 trillion, reflecting a 1.13-percent growth year-on-year, led by a 7.45-percent rise in tax collections, despite the absence of extraordinary non-tax receipts recorded last year.
The BTr said that as of end-October, NG revenues have reached 84.25 percent of the revised full-year program of P4.52 trillion.
Tax revenue totaled P3.47 trillion, making up 91.04 percent of the overall collections. The Bureau of Internal Revenue (BIR) was the primary contributor, collecting P2.65 trillion—a 9.55 percent year-on-year increase—supported by strong collections from corporate income tax personal income tax value-added tax percentage tax on banks/financial institutions and excise tax on tobacco products.
The Bureau of Customs (BOC) collected P784.6 billion, slightly exceeding last year’s performance by 0.91 percent. The BTr attributed the increase to growth in the value of both dutiable and non-dutiable imports, but noted it was partially offset by a decline in duty collections from rice following the recently instituted rice import ban.
Non-tax revenues fell 36.7 percent to P341.3 billion from P539.3 billion a year ago, with the non-recurrence of last year’s windfall receipts. Non-tax collections already surpassed the adjusted full-year program of P306.5 billion by 11.37 percent.
Cumulative expenditures in the 10-month period totaled P4.91 trillion, representing an 80.80 percent utilization of the P6.08 trillion revised full-year program. This was 3.90 percent higher than last year’s level.
Primary expenditures, which accounted for P4.19 trillion (85.28 percent) of total disbursements, saw a minimal increase of 2.45 percent over last year.
The BTr said this minimal growth was impacted by a contraction in infrastructure spending amid an ongoing probe into the Department of Public Works and Highways’ (DPWH) flood control issues and a review of project implementation.
Meanwhile, interest payments (IP) accounted for the remaining 14.72 percent (P723.2 billion) of cumulative expenditures, increasing by 13.24 percent (P84.5 billion) from the previous year.
