Fiscal pain deepens as revenues shrink

Preliminary results for the 2024/25 financial year show total revenue and grants of P69.89 billion against spending of P81.66 billion, resulting in a deficit of P11.76 billion, or about 4.46 percent of gross domestic product.

That outcome was markedly better than the P24.73 billion deficit originally projected, although the ministry cautioned the figures remain provisional. Mineral revenue contributed just 11 percent of the total, while customs and excise accounted for 39 percent.