GOCC subsidies drop to P24 billion in April

MANILA, Philippines — Subsidies extended by the national government to state-owned corporations (GOCCs) reached P23.9 billion in April, lower than the funding support provided in the same period last year, data from the Bureau of the Treasury (BTr)  showed.

The latest figure was 30.7 percent lower than the P34.5 billion in funding support provided to GOCCs in the same month last year.

This also brought the first four months  total to P35.26 billion, nearly P22 billion lower than the P56.86 billion in the same period last year.

The bulk of the subsidies  in April at P10.132 billion was given to major non-financial government corporations.

Receiving the highest funding support were the National Irrigation Administration (P3.394 billion), National Food Authority (P7 billion)  and  the National Housing Authority (P3.225 billion).

The balance of the budgetary support at P10.132 billion was given to other government corporations as no subsidies were given to government financial institutions in April.

Of all the GOCCS, the Philippine Health Insurance Corp. received the highest budgetary support of P8.951 billion in April.

Other large recipients of subsidies during the month were: the Bases Conversion and Development Authority (P103 million million), National Kidney and Transplant Institute ( P107 million),  Philippine Children’s Medical Center (P204 million) and Philippine Heart Center (P147 million).

Other  state-run firms which also  received large amounts of budgetary support  in April were the Philippine Rice Research Institute (P185 million)  and the Philippine Postal Corp. (P140 million).

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

Subsidies provided to state firms have been lower year-on-year from February to April.