Subsidies for GOCCs decline in November
SUBSIDIES extended to government-owned companies fell by 46% year on year to P12.33 billion in November, the Bureau of the Treasury (BTr) said.
Subsidies for government-owned and -controlled corporations (GOCCs) declined compared with the P22.78 billion in the same month last year, when the government provided P10 billion to the Land Bank of the Philippines.
Despite the year-on-year decline, the Treasury said GOCC subsidies in November 2021 more than doubled the P5.2 billion seen in October.
The National Irrigation Administration (NIA) received the highest amount in November, receiving P3.97 billion. The Bases Conversion Development Authority (BCDA) followed with P2.79 billion.
Subsidies are granted to GOCCs to cover operational expenses not supported by their revenue.
Other top recipients include the National Housing Authority at P1.66 billion, the Philippine Health Insurance Corp. (PhilHealth) at P903 million, the Philippine Fisheries Development Authority at P881 million, and the Philippine Crop Insurance Corp. at P618 million.
Meanwhile, GOCCs that did not receive budget support were National Home Mortgage Finance Corp., National Electrification Administration, National Food Authority, National Power Corp., Cagayan Economic Zone Authority, Development Academy of the Philippines, Philippine Postal Corp., Small Business Corp., and the Subic Bay Metropolitan Authority.
In the 11 months to November, total subsidies reached P163.41 billion, down by 13% from P187.86 billion in the same period a year ago. The government budgeted P148.188 billion for GOCC subsidies for the full year.
A total of P76.97 billion went to PhilHealth, while P34.18 billion in subsidies went to the NIA.
In 2020, GOCC subsidies rose by 14% to P230.418 billion, with close to half going to PhilHealth and SSS. — J.P.Ibañez
