In August, state firms received P3.07B in subsidies

Government subsidies distributed to state-run companies reached P3.075 billion in August, almost three-fourths more than that of the same month last year.

The latest Bureau of Treasury data showed that the subsidies to government-owned and -controlled corporations (GOCCs) last August was higher by 71.8 percent than the P1.79 billion disbursed in the same month last year.

August’s subsidies were nonetheless 53.6-percent lower than the P6.628 billion released last July.

In August, the National Housing Authority (NHA) had the biggest share of state financial aid with P1.422 billion.

The National Electrification Administration (NEA) received the second largest subsidy from the government worth P1.067 billion.

The other GOCCs that were subsidized that month were: Cottage Industry Technology Center (P2 million); Development Academy of the Philippines (P52 million); National Kidney and Transplant Institute (P20 million); Philippine Deposit Insurance Corp. (P465 million); Philippine Institute for Development Studies (P8 million); Philippine Institute of Traditional and Alternative Health Care (P11 million); Philippine National Railways (P20 million); and People’s Television Network Inc. (P8 million).

In the eight months to August, total subsidies reached P59.243 billion—three-fourths more than the P33.76 billion that the government spent in subsidizing GOCCs’ operations in the same period last year.

From January to August, the top recipients of government subsidies among GOCCs were: Philippine Health Insurance Corp. or (P35.304 billion); NHA (P8.394 billion); National Food Authority (P4.25 billion); NEA (P3.5 billion); PDIC (P2.326 billion); and Philippine Coconut Authority (P1.352 billion).