GOCC subsidies up in June

The national government’s subsidies for government-owned and controlled corporations (GOCCs) more than doubled in June. Data from the Bureau of the Treasury (BTr) obtained over the weekend showed that subsidies to GOCCs during the month amounted to PHP26.0 billion, up by more than 200 percent from the PHP7.3 billion in May this year. It was also higher than the PHP13.3 billion subsidies provided to GOCCs in June last year. Treasury data showed that the Philippine Health Insurance Corp. (PhilHealth) was the biggest recipient of budgetary support amounting to PHP15 billion. The National Irrigation Administration received PHP3.5 billion, second on the list, while the Bases Conversion and Development Authority came in third with subsidies amounting to PHP2.9 billion. Other top recipient GOCCs include the Philippine Crop Insurance Corporation (PHP1.8 billion), Philippine Fisheries Development Authority (PHP853 million), National Food Authority (PHP471 million), and Philippine Children’s Medical Center (PHP221 million). For the first half of the year, the national government’s subsidies to GOCCs already amounted to PHP63.70 billion. NIA got the biggest subsidy which amounted to PHP21.8 billion. It was followed by PhilHealth with PHP15.03 billion, Power Sector Assets and Liabilities Management Corporation (PHP5.0 billion), and National Food Authority (PHP4.5 billion).

Source: Philippines News Agency