GOCC subsidies fall sharply in January

SUBSIDIES provided to government-owned and -controlled corporations (GOCCs) fell 61.2% in January, the Bureau of the Treasury (BTr) said.

The BTr said budgetary support to GOCCs stood at P1.112 billion in January, lower than the P2.869 billion recorded a year ago.

It also decreased by 96.5% from the P32.07 billion supplied to GOCCs in December.

The government provides subsidies to GOCCs to help cover operational expenses not supported by their revenue.

During the month, the National Power Corp. was the sole recipient for subsidies.

There were no subsidies given to any government financial institutions or other government corporations in January.

In 2022, GOCC subsidies rose 8.5% to P200.41 billion, with the Philippine Health Insurance Corp. (PhilHealth) being the top recipient.

PhilHealth received nearly 40% of all subsidies or P80.048 billion last year. This was followed by the National Irrigation Administration with P40.662 billion and the National Housing Authority with P17.125 billion. — Luisa Maria Jacinta C. Jocson