Gov’t budget gap widens by 92% to P376B in March

MANILA, Philippines — The government’s fiscal shortfall widened by 91.78 percent year-on-year to P375.7 billion in March, according to the Bureau of the Treasury (BTr).

That sent the fiscal gap in the first quarter to P478.8 billion, 75.62 percent bigger than the shortfall recorded a year ago.

Broken down, revenues sagged by 3.01 percent in March to P279.3 billion, while the government spent P655 billion, marking a growth of 35.37 percent.

As a result, the deficit for the first three months stood at P478.8 billion, 75.62 percent higher than the same period last year, but still in line with the P1.5-trillion deficit program for 2025.

READ: February budget deficit widened to ₱171B, says BTr

Analysts are worried that the sweeping tariffs imposed by the United States under President Donald Trump would further constrain efforts of the Philippine sovereign to manage its budget deficit.

READ: BMI: Trump tariffs may ‘reverse’ Philippine efforts to contain deficit

Budget deficit in March 2025 Source: Bureau of the Treasury