GOVERNMENT SUPPORT to state-owned firms in February fell year on year, but surged month on month, the Bureau of the Treasury (BTr) reported.
The national government remitted a total of P9.13 billion worth of subsidies to government-owned and -controlled corporations (GOCCs) in February, down 8.68% from a year earlier.
The total rose 889.8% compared with January’s P922 million.
Twenty-two out of the 25 GOCCs received subsidies in February, against 17 in January.
The National Irrigation Administration received P4.47 billion in February, accounting for 48.96% of the total.
This was followed by the National Development Co.’s P1.5 billion, and Power Sector Assets and Liabilities Management Corp.’s P1.48 billion, or 16.43% and 16.21% of the total.
Only the National Home Mortgage Finance Corp., Development Academy of the Philippines, and Philippine Health Insurance Corp. did not receive government support in February.
Subsidies are given to government-led financial and nonfinancial institutions to cover operational expenses that are not supported by their corporate revenue or to fund specific projects or programs.
Total subsidies to state firms totaled P10.05 billion in the first two months of the year, down 10.74% from a year earlier.
The government has allotted P188.93 billion for GOCC subsidies this year, up 44.12% from the total actually disbursed in 2017, and up 26.12% from the budgeted total in 2017. — Elijah Joseph C. Tubayan
