The Bureau of the Treasury reported a P67.3-billion budget surplus in April — at first glance a seemingly impressive figure.

But a closer look reveals a troubling fiscal trend: The national government has already racked up a staggering P411.5-billion deficit just four months into 2025, raising serious questions about how public funds are being managed under the Marcos Jr. administration.

While tax revenues in April surged by 7.84 percent year-over-year, helping deliver the surplus, the achievement is overshadowed by a nearly 79-percent spike in the year-to-date deficit compared to the same period last year.

The root cause? A 13.57-percent expansion in government spending, much of it justified under the banner of “economic recovery” and “priority programs.”

Observers may find it increasingly difficult to reconcile these growing deficits with the administration’s promises of fiscal discipline.

Critics question whether the increased spending is genuinely going to essential services and development programs — or whether funds are being drained by inefficiencies and padded budgets.

Further fueling skepticism is the recent controversy surrounding the 2025 General Appropriations Act (GAA).

Former President Rodrigo Duterte earlier criticized the existence of “blank” line items in the bicameral conference committee report on the national budget, likening them to a “blank check” handed to the executive branch.

While Budget Secretary Amenah Pangandaman clarified that these unspecified provisions did not make it into the final budget version signed by President Marcos, the incident has raised alarms about transparency in the budget process.

Pangandaman insisted that allocations were clearly detailed in the enacted GAA and that adjustments can be made via augmentation, savings, and the President’s contingent fund. But such oversights, even at the bicameral level, should not be taken lightly.

Total revenue collections for April amounted to P522.1 billion, down slightly by 2.82 percent due to a dip in non-tax income.

Expenditures, however, fell more sharply to P454.8 billion, thanks in part to a significant 31.2-percent drop in interest payments. But the reprieve was temporary.

From January to April, revenue collection reached P1.5 trillion, up a modest 3.35 percent year-over-year.

Yet even with improved tax collection — led by the Bureau of Internal Revenue’s double-digit gains — the government’s insatiable spending appetite continues to widen the fiscal gap.

The BIR collected P420.5 billion in April, driven by collections from corporate and personal income taxes and value-added tax — results partly attributed to crackdowns on fake receipts and the push for digital filing.

However, critics argue these aggressive tax drives disproportionately burden small businesses and individual taxpayers, while large-scale tax evaders remain untouched.

Meanwhile, the Bureau of Customs reported a drop in April collections, citing fewer working days and weakened global trade.

Yet, despite this explanation, some industry players have raised concerns about lingering inefficiencies and bureaucratic red tape that continue to plague the agency.

Non-tax revenues were a major disappointment, plummeting by 68.08 percent year-over-year in April to just P24.1 billion. The drop, blamed on delayed remittances from government-owned and -controlled corporations, raises deeper questions about transparency and fiscal planning.

If the government is counting on these remittances, why were they not collected on time?

President Marcos has repeatedly expressed confidence in his so-called “economic dream team” — retaining Budget Secretary Pangandaman and Finance Secretary Ralph Recto while asking for courtesy resignations from all Cabinet members on 22 May.

Only two of the 52 submitted resignations were accepted, signaling that the President is keeping faith in his economic managers despite mounting fiscal and political pressure.