Gov’t records P68-B budget surplus in January
The national government posted a ₱68.4 billion budget surplus in January 2025, according to the Bureau of the Treasury (BTr). However, this was lower than the ₱88 billion surplus recorded in January 2024, as revenue growth was offset by higher government expenditures.
Total revenue collections increased by 10.7%, reaching ₱476.1 billion from ₱421.8 billion in the previous year. The BTr attributed the rise to higher tax collections, which grew by 13.6% year-on-year, amounting to ₱437.5 billion, while non-tax revenues totaled ₱29.6 billion.
Meanwhile, government spending surged by 19.45% to ₱398.8 billion, up from ₱333.9 billion in January 2024.
“This robust spending performance resulted mainly from the disbursements attributed to progress billings of completed infrastructure and other capital outlay projects of the Department of Public Works and Highways, implementation of various health and social protection programs, as well as expenses of the Commission on Elections for preparatory activities relative to the conduct of the 2025 National and Local Elections,” said the BTr.
Higher National Tax Allotment (NTA) releases, government subsidies, and an uptick in interest payments also contributed to increased disbursements.
Despite the lower budget surplus, the strong revenue growth and government spending reflect the administration’s continued investment in infrastructure, social programs, and election preparations, supporting economic momentum in the country.