MANILA, Philippines — Subsidies extended by the national government to state-owned corporations (GOCCs) reached P11.5 billion in the first quarter, lower than the funding support provided in the same period last year, according to the Bureau of the Treasury (BTr).
The latest figure was less than the P22.44 billion in funding support provided to GOCCs in the first three months of last year.
The bulk of subsidies at P8.06 billion was given to major non-financial government corporations National Irrigation Administration (NIA) with P7.5 billion, Light Rail Transit Authority (LRTA) with P255 million and Philippine National Railways (PNR) with P312 million.
Of all the GOCCs, NIA which develops irrigation sources in the country, received the highest budgetary support during the quarter.
The balance of the budgetary support at P3.361 billion was given to other government corporations as no subsidies were given to government financial institutions during the period.
Other large recipients of subsidies are the Bases Conversion and Development Authority (P841 million), National Kidney and Transplant Institute (P320 million), Philippine Children’s Medical Center (P309 million), Philippine Heart Center (P444 million) and Small Business Corp. ( P500 million).
The following state-run firms also received large amounts of budgetary support during the first three months of the year: Lung Center of the Philippines (P126 million), Philippine Rice Research Institute (P155 million) and Philippine Postal Corp. (P130 million).
The national government extends subsidies to GOCCs to cover or extend funds for programs and projects, as well as operational expenses.