The national government’s fiscal deficit reached P1.11 trillion as of end-October 2025, broadly in line with the administration’s full-year fiscal consolidation plan, according to the Bureau of the Treasury’s latest Cash Operations Report released on 26 November.
October posted an P11.2-billion surplus, up nearly 76 percent from last year’s P6.3-billion surplus, helping keep the year-to-date deficit at 70.8 percent of the revised P1.56-trillion ceiling.
Total revenues from January to October rose 1.13 percent to P3.81 trillion, supported by a 7.45 percent increase in tax collections.
BIR collections hit P2.65 trillion, boosted by gains in income taxes, VAT, bank percentage taxes, and tobacco excise taxes, while BOC revenues reached P784.6 billion, slightly higher year-on-year due to increased import values, though partly offset by lower rice-related tariff revenues following the import ban.
Non-tax revenues dropped 36.7 percent to P341.3 billion due to the absence of last year’s one-off windfalls, though still exceeding the adjusted full-year program by P34.8 billion, supported by higher-than-expected income from the Treasury and other government offices.
The BTr also reported government spending for the first ten months reached P4.91 trillion, or 80.8 percent of the revised P6.08-trillion program. Expenditures grew 3.9 percent year-on-year, with primary spending up 2.45 percent, tempered by infrastructure delays linked to the ongoing DPWH flood-control probe. Interest payments rose 13.24 percent to P723.2 billion, making up nearly 15% of total disbursements.
The primary deficit widened to P382.9 billion from P325.2 billion last year, reflecting continued support for priority social and economic programs. The primary deficit excludes interest payments and indicates the amount the government must borrow to sustain core spending.
The BTr said fiscal results remain aligned with consolidation targets, supported by improving tax performance and steady disbursement execution despite temporary infrastructure disruptions. The October surplus, it added, gives the government added space to manage year-end financing needs.