PHP68.4B Jan surplus, tax up, non-tax down

The national government recorded a PHP68.4 billion surplus in January 2025, lower than the PHP88 billion surplus from the previous year due to sustained revenue growth alongside increased expenditures.

Revenue collections grew by 10.3% to PHP795.4 billion, with tax revenues increasing by 14.3% and non-tax revenues decreasing by 19.2%

The bulk of tax revenues came from the Bureau of Internal Revenue (BIR) whose collections went up by 15.1% to PHP355.1 billion in January.

Notably, VAT collections surged by 17.6%, while excise collections grew by 10.1%. However, non-tax revenues plunged by 19.2% to PHP29.6 billion due to the base effect of one-time gains recorded in the year prior.

Meanwhile, state spending rose by 19.5% to PHP398.8 billion in January from PHP333.9 billion a year ago, driven mainly by disbursements for completed infrastructure projects and health programs, as well as preparations for the May elections.