Economy


Subsidies on state-owned firms decline over 45% in May




Posted on July 05, 2017


SUBSIDIES provided to government-owned and -controlled corporations (GOCCs) fell over 45% in May, according to data from the Treasury bureau.

The government gives out subsidies to support the state-run firmsí flagship projects. BW FILE PHOTO
The national government remitted a total of P4.1 billion to GOCCs in May, down 45.21% from a year earlier.

However, the total rose sharply from the month-earlier P2.15 billion.

In the five months to May, subsidies rose to P25.91 billion from P20.55 billion recorded in the same period last year.

The government gives out subsidies to support the state-run firmsí flagship projects.

The National Irrigation Administration received the largest amount in May at P3.02 billion, representing 73.66% of the subsidy total for the period.

This was followed by the Philippine Coconut Authority with P761 million and the Social Security System at P73 million.

The irrigation agency also took up 55.45% of the subsidies in the five months ended May, followed by the National Food Authority and the Subic Bay Metropolitan Authority at P5.1 billion and P1.18 billion, respectively. Out of the 49 GOCCs, 11 received subsidies in May, against 12 a year earlier. -- Elijah Joseph C. Tubayan