GOCC subsidies reach P7.6 billion from January to February

MANILA, Philippines — Subsidies extended by the national government to state-owned corporations (GOCCs) amounted to P7.581 billion from January to February, lower than funding support provided in the same period last year, according to the Bureau of the Treasury.

Funding support provided by the government to GOCCs in the first two months of 2020 reached P10.488 billion.

The bulk of the subsidies provided from January to February were given to non-financial government corporations Light Rail Transit Authority (LRTA) and National Irrigation Administration (NIA) at P5.164 billion.

Of all the GOCCs, NIA, which develops irrigation sources in the country, received the highest budgetary support of P4.994 billion, while LRTA received P170 million in subsidies.

The balance of the budgetary support was given to other government corporations as no subsidies were given to government financial institutions during the period.

Other large recipients of subsidies in the first two months were the Bases Conversion and Development Authority (P720 million), National Kidney and Transplant Institute (P213 million), Philippine Children’s Medical Center (P209 million), Philippine Heart Center (P296 million), Small Business Corporation (P300 million) and Philippine Rice Research Institute (P155 million).

The national government extends subsidies to GOCCs to cover or extend funds for programs and projects as well as operational expenses.