The Bureau of the Treasury reported that the National Government (NG) recorded a budget surplus of Php 67.3 billion in April 2025, marking a 57.51% increase from the same month last year, driven primarily by stronger tax collections, according to data released by the Department of Finance.
This robust performance comes amid a 7.84% year-on-year (YoY) growth in tax revenues, signaling continued resilience in the country’s fiscal position despite a temporary dip in total revenue collections, which fell 2.82% due to the timing of non-tax remittances.
Despite the April surplus, the government’s year-to-date (YTD) budget position registered a Php 411.5 billion deficit for the first four months of 2025, up 78.98% YoY. This was attributed to a 13.57% rise in public spending, in line with President Ferdinand R. Marcos Jr.’s administration’s push to accelerate economic growth and invest in priority programs.
Total revenues in April stood at Php 522.1 billion, buoyed by a Php 420.5 billion net collection from the Bureau of Internal Revenue (BIR)—an 11.10% increase compared to April 2024. Gains were driven by higher collections from corporate income tax (CIT), personal income tax (PIT), and value-added tax (VAT), with the BIR’s enhanced digital services and anti-illicit trade campaigns contributing to the improved yield.
Year-to-date, the BIR’s collections reached Php 1.1 trillion, marking a 14.50% increase over last year.
Meanwhile, the Bureau of Customs (BOC) posted Php 74.7 billion in April, down 7.48% YoY, reflecting fewer working days and lower import volumes. However, YTD collections of Php 306.1 billion remained 2.16% higher YoY, highlighting the BOC’s continued modernization and trade facilitation efforts.
Non-tax revenues in April amounted to Php 24.1 billion, down 68.08%, mainly due to the delayed remittance of dividends from Government-Owned and Controlled Corporations (GOCCs). As a result, YTD non-tax revenues stood at Php 90.7 billion, 51.94% lower than last year.
Government disbursements in April totaled Php 454.8 billion, 8.03% lower YoY, mainly due to reduced interest payments and subsidies to state corporations. However, overall public spending for January to April 2025 surged 13.57% to Php 1.932 trillion, with primary expenditures growing 14.16% YoY.
April’s interest payments declined by 31.19% to Php 46.4 billion, attributed to timing adjustments in debt servicing during the Lenten and Eid’l-Fitr holidays. Nonetheless, cumulative interest payments reached Php 287.4 billion, 10.35% higher than the same period last year.
Excluding interest payments, the national government recorded a Php 113.7 billion primary surplus in April 2025, up from Php 110.2 billion last year. The YTD primary balance, however, posted a Php 124.1 billion deficit, consistent with the government’s strategic acceleration of economic and infrastructure investments.
The Marcos Jr. administration remains committed to fiscal sustainability while supporting high-impact programs that bolster inclusive growth. The government is on track to meet its revenue targets for the year, underpinned by strong tax performance, ongoing digital reforms, and intensified enforcement against tax evasion and smuggling.
