Financial support to government-run companies declined year-on-year in June, but the irrigation and energy sectors remained the priorities for subsidies.
Data from the Bureau of the Treasury showed government-owned and -controlled corporations (GOCCs) showed that the budgetary support to the government-run firms secured P10.159 billion in June, a 61 percent drop from P26.055 billion during the same month last year.
Some 78.93 percent of the subsidies at P8.018 billion went to Major Non-Financial Government Corp in June, 95.32 percent higher than last year at P4.105 billion.
Support for other government corporations reached P2.036 billion in June, a decline from P21.950 billion last year. It cornered 20.04 percent of the total subsidies.
The remaining P105 million went to government financial institutions (GFIs). Last June 2023, the GFIs did not receive any subsidies.
The National Irrigation Administration (NIA) received the bulk or 73.98 percent of the subsidies at P7.516 billion. NIA received P3.083 billion in subsidies last year.
NIA is responsible for irrigation development and management in the country.
The Philippine Rubber Research Institute (PRRI) secured the second highest subsidy at P345 million. In June last year, PRRI received P28 million in subsidies.
PRRI is the agency under the Department of Agriculture that is responsible for research and development on rubber and other aspects of the industry.
The National Power Corporation (NPC) came in third, receiving P302 million in subsidies in June this year. It was not able to receive any subsidies during the same month last year.
NPC is a GOCC mandated to energize far-flung, off-grid areas and islands in the Philippines.
Other top recipients in June were the Philippine Fisheries Development Authority (PFDA) at P272 million and the PhilippineHealth Insurance Corporation (PhilHealth) at P260 million.
First half
Meanwhile, the national government’s subsidies to GOCCs already amounted to P67.206 billion for the first half of the year.
The number is 5.5 percent higher from last year, where the GOCCs received P63.643 billion during the first six months of the year, or the period January to June 2024. (TCSP)
