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GOCC subsidies down by 77%

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GOCC subsidies down by 77%

By: - Reporter / @bendeveraINQ
/ 02:36 AM December 05, 2016

Subsidies given away by the government to state-run firms in October dropped 77 percent to P1.514 billion from P6.48 billion a year ago, the latest Bureau of the Treasury data showed.

Subsidies to government-owned and/or -controlled corporations (GOCCs) in October were also less than half of September’s P3.119 billion.

In October, a major non-financial government corporation was granted P636 million, while other government firms got a total of P878 million.

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The recipient of the biggest subsidy during the month was the National Irrigation Administration (NIA), which also got the largest amount in September.

NIA is mainly responsible for irrigation development and management in the country.

From January to October, NIA got P11.832 billion in subsidies, only exceeded by Philippine Health Insurance Corp.’s P35.268 billion during the 10-month period.

At the end of the first 10 months, the government gave away P83.89 billion in subsidies, up from P62.299 billion as of end-October last year.

The Governance Commission for GOCCs had said that up to 90 percent of the subsidies that GOCCs received were being spent on programs and projects, while the remainder covered operational expenses.

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TAGS: Business, firm, GOCC, Government, subsidy
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