GOVERNMENT subsidies to state firms rose to P7.238 billion in October from P1.55 billion a year earlier, according to the Bureau of the Treasury (BTr).
The October total took the year-to-date total to P158.73 billion worth of subsidies extended to government-owned and -controlled corporations (GOCCs) by the national government.
The National Food Authority captured 38.27% or P2.77 billion worth of budgetary assistance while the Philippine Health Insurance Corp. took in 36.61% or P2.65 billion during the month. The two state firms did not receive any subsidies a year earlier.
Around 6% of the total or P483 million went to the National Irrigation Administration while the Local Water Utilities Administration and National Power Corp. received P276 million and P253 million worth of subsidies, respectively.
Philippine Heart Center received P110 million in October, up 52.77% from a year earlier, while the National Electrification Administration (NEA) received P109 million.
The government extends subsidies to state corporations to cover their operational expenses that are not supported by the revenue they generate.
This year, the government allotted P187.1 billion for subsidies to GOCCs.
Meanwhile, the state firms that did not receive any subsidies during the month were the National Home Mortgage Finance Corp., Land Bank of the Philippines, National Housing Authority, Cagayan Economic Zone Authority, Development Academy of the Philippines, Philippine Center for Economic Development, Philippine Crop Insurance Corp., Philippine Fisheries Development Authority, Philippine Postal Corp., Small Business Corp., and the Social Housing Finance Corp. — Beatrice M. Laforga
