GOCC subsidies in March drop 68% to P3.838 billion

BUDGETARY SUPPORT provided to government-owned and -controlled corporations (GOCCs) declined 68% year on year to P3.838 billion in March, the Bureau of the Treasury (BTr) said.

In its cash operations report, the BTr said the year-earlier total was P11.952 billion.

Around 65% of the March 2021 subsidies went to the National Irrigation Administration, down 15% year on year.

The Bases Conversion and Development Authority received P841 million, as opposed to zero a year earlier.

Other GOCCs that received the most subsidies were the Small Business Corp. (P500 million), Philippine Health Center (P444 million); National Kidney Transplant Institute (P320 million), Philippine National Railway (P312 million) and Philippine Children’s Medical Center (P309 million).

Also receiving subsidies were the Tourism Infrastructure and Enterprise Zone Authority (P1 million); Aurora Pacific Economic Zone and Freeport Authority and Zamboanga City Special Economic Zone Authority (P4 million each); Philippine Center for Economic Development (P5 million); and the Credit Information Corp. and the Southern Philippines Development Authority (P6 million each).

Meanwhile, the Philippine Health Insurance Corp., Philippine Rice Research Institute and Subic Bay Metropolitan Authority received no subsidies in March.

In the first quarter, GOCC subsidies hit P11.42 billion, down 49% from a year earlier.

The government subsidizes GOCCs firms to cover operational expenses not supported by their revenue.

It budgeted P148.188 billion for GOCC subsidies this year, down 22% year on year. — Beatrice M. Laforga