SUBSIDIES to state-owned firms nearly doubled in July, according to Bureau of the Treasury (BTr) data.
The national government remitted P32.47 billion worth of subsidies to government-owned and -controlled corporations (GOCCs) in July, up 92.47% from a year earlier.
Subsidies also grew 120.14% from June.
The Philippine Health Insurance Corp. took in the largest share of subsidies in July at P27.69 billion, which is equivalent to 85.28% of the total.
This was followed by the Land Bank of the Philippines and the National Irrigation Administration, which got P2 billion each.
Subsidies are given to government firms to cover operational expenses that are not supported by their respective corporate revenue, to fund specific projects or programs.
In the first seven months of the year, GOCC subsidies amounted to P100.21 billion, up 33.46% from a year earlier.
So far, the government has remitted 53.04% of the P188.93 billion subsidy budget this year. — Elijah Joseph C. Tubayan