Subsidies to state firms fell by 61% in June
Subsidies allocated to government-owned or -controlled corporations (GOCCs) fell in June, the Bureau of the Treasury (BTr) said.
This happened as the growth in central government revenues outpaced that of expenditures, recorded at 10.9 percent and 2.6 percent, respectively.
Data from the BTr show that Budgetary support to GOCCs dropped by 61 percent year-on-year to P10.16 billion from P26.06 billion in June last year.
Compared to the previous month, subsidies grew by 4.3 percent from P9.74 billion May.
In June, the National Irrigation Administration (NIA) received the largest subsidies at P7.52 billion, accounting for almost three-quarters of the total subsidies.
This was 3.5 percent up from previous month’s P7.27 billion.
Next to NIA was the Philippine Rubber Research Institute (PRRI) which received P345 million during the period.
Meanwhile, the National Power Corp. (Napocor) was the third-largest recipient with P302 million.
In the first semester, government subsidies to GOCCs totalled P19.9 billion, plunging by 69 percent from P63.7 billion in the same period last year.
The NIA received the bulk of subsidies in the first half, taking in P14.786 billion. This accounted for 74 percent of the total subsidies released during the period.
This was followed by the PRRI and Philippine Fisheries Development Authority with P974 million and P631 million, respectively.
Other top recipients were Napocor with P411 million, Philippine Children’s Medical Center (P387 million), Philippine Heart Center (P307 million), National Kidney Transplant Institute (P266 million) and Philippine Health Insurance Corp. (P260 million).
