By Elijah Joseph C. Tubayan, Reporter
FINANCIAL SUPPORT for state-owned corporations grew 80.19% at the start of the second quarter, data from the Bureau of the Treasury (BTr) data show.
Overall subsidies in April reached P3.87 billion from P2.15 billion last year.
However, this was lower by 89% from the previous month’s P35.24 billion.
The National Irrigation Administration (NIA) received the largest subsidy in April at P2.56 billion, equivalent to 66.15% of the total.
This was followed by the Tourism Promotions Board, getting P375 million, the Philippine Coconut Authority getting P218 million, and the National Privacy Commission getting P126 million.
11 of the 33 selected government-owned and -controlled corporations (GOCCs) were not given any support that month.
In the four months to April, total subsidies remitted to government-run firms stood at P49.16 billion, surging 125.35% from the P21.82 billion posted in the same period last year.
Subsidies are given to government-led financial and non-financial institutions to cover operational expenses that are not supported by their respective corporate revenues that fund specific projects or programs.
The government has allotted P188.93 billion for subsidies to GOCCs this year, which is larger by 44.12% than the P188.93 billion actual funds given to them in 2017.
The total subsidies as of end-April are equivalent to 26.02% of the 2018 program.