GOCC subsidies surge 180% in 5 months
MANILA, Philippines - Subsidies extended by the government to state-owned corporations surged 180 percent to P9.02 billion in the first five months of the year from P3.22 billion in the same period last year, the Department of Finance (DOF) reported yesterday.
Non-financial government firms accounted for the bulk of subsidies with P6.16 billion, while other government institutions had P2.61 billion. Financial companies accounted for the remaining P250 million in subsidies from January to May.
By agency, the National Food Authority was the recipient of the biggest subsidy with P4.25 billion, followed by the National Electrification Authority at P731 million.
The government also released P607 million to the Philippine Children’s Medical Center and another P513 million to the Social Housing Finance Corp.
The National Irrigation Administration was the fifth largest beneficiary with P455 million, followed by the National Power Corp. at P411 million.
For May alone, subsidies given to GOCCs surged 162 percent to P4.55 billion from P1.74 billion a year ago.
Government subsidies to GOCCs amounted to P80.44 billion in 2014, 21 percent more than the P66.33 billion in 2013.
Subsidies to government firms accounted for only four percent of last year’s public expenditures of P1.982 trillion.
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