The government slightly tightened its belt on the government-owned and controlled corporations (GOCCs) as budgetary support to state-run firms slipped in March, the Bureau of Treasury reported.
Latest data from the Bureau of the Treasury showed that subsidies to government-owned and controlled corporations (GOCCs) went down by 36.34 percent to P6.872 in March from P10.795 billion a year prior.
The subsidies also declined month-on-month by 45.95 percent from the P12.715 billion posted last February.
In addition, the subsidies given to the GOCCs declined by 8.07 percent during the first quarter.
The government gave P19.587 billion in the January to March period, down from P21.308 billion in the first three months last year.
The government grants subsidies to GOCCs as a way to cover operational expenses that are not supported by their own revenues.
Support for major non-financial government corporations cornered 79 percent of the total subsidies for March while some 21 percent of the subsidies went to other government corporations.
The remaining percentage of the subsidies went to Government Financial Institutions. The entire P10 million was released to the Bangko Sentral ng Pilipinas.
Per agency last March, the bulk or 46.91 percent of the subsidies specifically went to the National Irrigation Authority (NIA) at P3.224 billion. It also received P10.317 billion or 52.67 percent of all subsidies during the first quarter this year.
The National Electrification Administration (NEA) also received the largest subsidies among all GOCCs at P2.088 billion last March.
The Philippine Fisheries Development Authority, which did not receive any subsidies last January and February, took in P382 million in March.
Other top recipients last March were the Cultural Center of the Philippines at P156 million, the Philippine Heart Center at P152 million, the Small Business Corporation at P125 million, the Philippine Children’s Medical Center at P118 million, and the National Kidney and Transplant Institute at P105 million. (TCSP)
