SUBSIDIES for government-owned and -controlled corporations (GOCCs) declined 27.17% in January, the Bureau of the Treasury (BTr) said.
The government’s cash operations report for January shows remittances of P922 million to state-owned firms, down from P1.27 billion a year earlier.
The January total was also sharply lower compared with the P31.23 billion recorded in December.
Seventeen out of the 49 GOCCs received subsidies in January, down from 19 recipients a year earlier.
The National Irrigation Administration (NIA) was given P426 million, or about half of the total.
This was followed by the Philippine Health Insurance Corp. with P119 million, or 12.91% of the total.
The Philippine Children’s Medical Center and the Philippine Heart Center also received P78 million and P72 million, respectively.
Subsidies are granted to state-led financial and non-financial institutions to cover operational expenses that are not supported by their respective revenues.
The government is budgeting P188.93 billion for GOCC subsidies this year, up 26.12% from the 2017 budget.
The government remitted a total of P131.09 billion to state corporations last year, or 13.88% short of the target. — Elijah Joseph C. Tubayan
