Philippines Dec. revenues fall 3.31 y/y

Philippines Dec. revenues fall 3.31 y/y

Philippines December 2024 Revenues Decline 3.31% Year-Over-Year
As of March 3, 2026, the Philippine government reported a 3.31% year-over-year (y/y) decline in December 2024 tax revenues, according to the latest available data from the Bureau of the Treasury. This marks a notable slowdown compared to the same period in 2023, reflecting ongoing challenges in sustaining post-pandemic fiscal momentum.

The decline follows mixed performance in full-year 2023 revenue collection, which saw a 12.7% increase compared to 2022, as detailed in the Treasury's Full Year 2023 Revenue and Disbursement report. However, December's results indicate a reversal in this trend, with key revenue streams such as income tax and value-added tax (VAT) showing weaker-than-expected growth. Analysts attribute the drop to reduced corporate earnings amid global economic uncertainty and slower domestic consumption growth in the final quarter of 2024.

Comparatively, fiscal year 2022 revenue performance, reviewed in the Congressional Commission's FF2023-31 report, demonstrated stronger resilience, with annual tax collections rising 18.4% y/y, driven by pandemic-era stimulus measures and robust remittances. The contrast highlights the evolving economic landscape, where external pressures—including tighter global financial conditions and lower commodity prices—have dampened revenue prospects.

The Bureau of the Treasury has emphasized efforts to modernize tax administration and broaden the tax base to stabilize collections. However, the December decline underscores the need for continued fiscal discipline, particularly as the government balances deficit targets with growth priorities. With the 2025 fiscal year underway, stakeholders will closely monitor policy adjustments and their impact on revenue trajectories.

(March 2024): Treasury Department, Press Release: Full Year 2023 Revenue and Disbursement (March 2024).
(February 2023): Congressional Commission on Public Information, FF2023-31: NG Revenue Performance for FY 2022 (February 2023).

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