The National Government (NG) recorded a budget surplus of P67.3 billion in April 2025, up 58 percent year-over-year, as tax collections accelerated despite a drop in non-tax revenues.
The improvement in the government’s budget position was driven by an 11.10 percent rise in the Bureau of Internal Revenue’s (BIR) collections, fueled by corporate income tax filings, stronger personal and value-added tax receipts, and intensified anti-smuggling and digitalization efforts.
Total April revenue reached P522.1 billion, slightly down 2.82 percent due to lower non-tax income, as most government-owned and controlled corporations have yet to remit dividends. Still, the government remains on track with its revenue goals, with year-to-date collections up 3.35 percent to P1.5 trillion—94 percent of which came from taxes.
However, higher spending in the first four months pushed the cumulative deficit to P411.5 billion, wider than the P229.9 billion deficit posted in the year-earlier period. The Marcos administration ramped up expenditures to P1.932 trillion, a 13.57 percent increase, to support infrastructure and priority programs.
Despite a slowdown in April disbursements—down 8.03 percent to P454.8 billion due to timing of subsidies and interest payments—primary expenditures for the year still expanded 14.16 percent. April interest payments fell 31.19 percent to P46.4 billion, though the year-to-date figure rose 10.35 percent to P287.4 billion, reflecting timing shifts around holidays.
The BIR’s year-to-date collections reached P1.1 trillion, up 14.50 percent, while Bureau of Customs collections totaled P306.1 billion, up 2.16 percent. Non-tax revenues stood at P90.7 billion, down 51.94 percent from last year.
While April posted a primary surplus of P113.7 billion, the four-month primary balance flipped to a P124.1 billion deficit, underlining the cost of sustained public investment.
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