Philippines budget deficit recorded 22 billion pesos ($460 million) in August making the eight month deficit widen to 210 billion pesos as tax revenue dropped along with weak company's profits, worth mentioning that this is the fourth monthly budget deficit. Companies faced a sharp decline in sales and it had to cut production amid the worst financial crisis since World War II.

Spending declined by 0.2% during August from a year earlier, while revenue dropped 20.1% following a decline by 3% during July. Philippines government had to increase spending to boost economic growth, so the government prompted the budget deficit target in 2009 to 250 billion pesos.