Insider Spotlight
By the numbers
The Bureau of the Treasury (BTr) reported a July deficit of P18.9 billion, down 34.4 percent from the P28.8 billion posted a year earlier.
Revenues climbed 3.26 percent to P472.3 billion while disbursements edged higher by 1.02 percent to P491.2 billion. The smaller gap pulled the seven-month fiscal deficit to P784.4 billion, or about half of the revised P1.56 trillion full-year program.
Revenue momentum
Tax revenues rose 5 percent to P423 billion in July, led by the Bureau of Internal Revenue (P335.3 billion) and the Bureau of Customs (P85.2 billion).
Collections were driven by corporate and personal income taxes, excise levies on tobacco, and higher value-added tax and excise duties on imports.
Non-tax revenues slipped nearly 10 percent to P49.3 billion but were offset by strong Treasury earnings of P36.3 billion, up 82 percent from a year ago on higher dividends and interest income .
Year-to-date, revenues reached P2.73 trillion, or 60 percent of the annual goal.
Spending picture
Expenditures totaled P491.2 billion in July, weighed down by delayed disbursements from key agencies. Still, spending for the January-July period hit P3.52 trillion, up 8.2 percent year-on-year and nearly 58 percent of the P6.08 trillion full-year plan .
Primary expenditures accounted for P3 trillion, while interest payments rose 14 percent to ₱521 billion.
Why it matters
A higher July primary surplus of P87.3 billion—up from P50.6 billion last year—shows improving fiscal discipline despite rising debt service costs.
The bottom line
With revenue collections keeping pace with the revised fiscal program, the government remains on track to meet its full-year deficit ceiling while sustaining economic development initiatives.
