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Both are crimes against property, but they differ in how the property is taken. Theft (Article 308) is taking another's property without consent and with intent to gain. Estafa (Article 315) is obtaining property or causing damage through deceit or abuse of confidence — the offender usually receives the property lawfully and then misappropriates it, or induces the transfer by fraud.
A common line: if the offender takes the thing without the owner's consent, it is theft; if the owner parts with it because of deceit or under a trust the offender then violates, it is estafa. The full report compares the two.
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Research aid — not legal advice. Verify the current text against the Official Gazette. Provisions may have been amended or repealed. Using this page creates no attorney-client relationship. For legal advice, consult a Philippine lawyer.