The Philippines reported an 85% hike in its government budget deficit in August, reaching 133 bln pesos, mainly driven by a 6.58% decline in government revenues to 310.6 bln pesos, with tax and non-tax revenues falling by 5.82% and 17.05%, respectively. In contrast, government spending rose by 9.66%. However, from January to August, the national budget deficit actually decreased by 12% YoY to 732.5 bln pesos.