SUBSIDIES to government-owned and -controlled corporations (GOCCs) surged in October as year-to-date remittances approach the P100-billion mark, data from the Bureau of the Treasury show.
The national government issued P10.28 billion worth of subsidies to GOCCs in October, up 578.67% from a year earlier.
The total was up 319.39% from September.
Of the 49 GOCCs, 12 received subsidies in October, against 11 a year earlier.
The Philippine Health Insurance Corporation, or PhilHealth, received P6.76 billion worth of subsidies in October, or 67.76% of the total.
This was followed by the National Irrigation Administration at P2.04 billion.
Other state-run firms that received financial help from the government are the Light Rail Transit Authority, Social Security System, and the Philippine Postal Corp. at P711 million, P274 milllion, and P134 milllion, respectively.
Subsidies are granted to state-led financial and non-financial institutions to cover operational expenses that are not supported by their revenue.
For the 10-month period, subsidies granted grew 11.93% year-on-year to P93.9 billion.
Subsidies remitted in the year to date are now equivalent to 61.69% of the P152.22 billion subsidies planned for the year. — Elijah Joseph C. Tubayan
