Business Skinning Left, pagematch: , sectionmatch: 1

Business ( Leaderboard Top ), pagematch: , sectionmatch: 1

GOCC subsidies up to P103 B in 2016

MANILA, Philippines -  Subsidies to government-owned and -controlled corporations (GOCCs) went up in 2016, with the bulk of the amount going to health care services, data from the Bureau of the Treasury (BTr) showed.

Total subsidies to government-owned and-controlled corporations reached P103.19 billion in 2016, the highest since 1995.

This was 32.28 percent higher that the P78.01 billion recorded in 2015. It also exceeded the previous highest record of P80.44 billion in 2014.

On the other hand, subsidies for December alone, slumped by more than half to P5.066 billion from P12.007 billion a year ago.

Based on Treasury data, the bulk of the subsidies in 2016 went to the Philippine Health Insurance Corp. (PhilHealth).

Government support to PhilHealth reached P43.776 billion during the period, up 25.54 percent as compared to P34.871 billion in 2016. This was more than 40 percent of the total subsidies provided in 2016.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1

The second largest subsidy was given to the National Irrigation Administration with P16.909 billion. This was followed by the National Housing Authority (NHA) with P12.04 billion and the National Food Authority with P4.25 billion in subsidies.

In the power sector, P3.361 billion was given to the Power Sector Assets and Liabilities Management Corp., while another P3.146 billion in government support was acquired by the National Electrification Administration.

Other state companies who received subsidies above a billion pesos include the Subic Bay Metropolitan Authority (P1.927 billion), Philippine Economic Zone Authority (P1.794 billion), Social Housing Finance Corp. (P1.672 billion), Light Rail Transit Authority (P1.655 billion), Philippine Crop Insurance Corp. (P1.6 billion), Philippine Coconut Authority (P1.251 billion), Bases Conversion and Development Authority (P1.163 billion) and Philippine Children’s Medical Center (P1.027 billion).

Thirty-five other GOCCs received less than a billion pesos in total subsidies in 2016.

Subsidies cover state corporations’ funding for their programs, as well operational expenses.

 

Business ( Article MRec ), pagematch: 1, sectionmatch: 1
  • Follow Us:
Business Skinning Right, pagematch: , sectionmatch: 1