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Subsidies to gov’t firms rise 47.82% in June

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SUBSIDIES provided to government-owned and -controlled corporations (GOCCs) rose 47.82% year on year to P12.328 billion in June, the Bureau of the Treasury (BTr) reported.

Budgetary support to GOCCs also rose 54.72% compared to the May total. Subsidies amounted to P44.687 billion in the year to date, according to preliminary data from the BTr.

Subsidies are extended to GOCCs to cover operational expenses not supported by their revenue.

The National Housing Authority (NHA) was the top recipient, taking in P5.747 billion or 46.62% of all subsidies in June.

The NHA received no subsidies the previous month but was the top beneficiary in March, when it received P2.979 billion.

The National Irrigation Administration (NIA) received P3.083 billion in June. It was the top beneficiary the previous month when it was given P6.262 billion.

The National Food Authority (NFA), the National Privacy Commission, and the Local Water Utilities Administration were among the major nonfinancial GOCCs that did not receive subsidies.

The National Electrification Administration received P877 million, against zero the preceding month.

Meanwhile, the Light Rail Transit Authority received P4 million, down 33.33% from a month earlier.

Other top recipients in June were the Philippine Fisheries Development Authority (P863 million), the Civil Aviation Authority of the Philippines (P367 million), the National Home Mortgage Finance Corporation (P205 million), the Philippine Heart Center (P147 million), and the Philippine Children’s Medical Center (P122 million).

Other GOCCs that were given more than P50 million were the Philippine Coconut Authority (P118 million), the National Kidney and Transplant Institute (P107 million), the National Dairy Authority (P100 million), Subic Bay Metropolitan Authority (P94 million), the Small Business Corp. (P67 million), the Philippine National Railways (P63 million), and the Lung Center of the Philippines (P58 million).

GOCCs that received no subsidies during the month were the Bases Conversion Development Authority and the Philippine Crop Insurance Corp.

The year-to-date subsidy total was down 49.38% from a year earlier. The top recipient year to date was the NIA, which was given P18.346 billion, accounting for 41.05% of all subsidies.

This was followed by the NHA and the NFA, which got P8.941 billion and P3.243 billion respectively.

Government subsidies to GOCCs totaled P184.77 billion in 2021, a 19.3% decline from the previous year. In 2021, the Philippine Health Insurance Corp. received P80.98 billion, nearly 44% of the total. — Diego Gabriel C. Robles

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  • Published: 2 months ago on August 7, 2022
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  • Last Modified: August 7, 2022 @ 10:57 am
  • Filed Under: Economy, Editor's Pick

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