Subsidies to GOCCs swell to P63.64B

State-run companies received subsidies totaling P1.43 billion in October, almost triple the amount disbursed in the same month last year.

Latest data from the Bureau of the Treasury showed that subsidies to government-owned and -controlled corporations (GOCCs) last October jumped 182 percent from the P507 million released in the same month in 2013.

However, the subsidies distributed by the national government in October were the lowest in five months. The amount of subsidies per month went on a downward trend from P46.32 billion in June, P6.63 billion in July, P3.08 billion in August and P2.96 billion in September.

In the 10 months to October, subsidies poured into GOCCs reached P63.64 billion, 77.2-percent higher than the P35.91 billion distributed during the same period last year.

From January to October, the following agencies were the top recipients of subsidies among GOCCs: Philippine Health Insurance Corp. (P35.31 billion), National Housing Authority (P9.01 billion), National Food Authority (P4.25 billion) and National Electrification Administration (P4.24 billion).

At the start of the fourth quarter, the biggest state financial aid worth P670 million was infused into NEA.

The second-biggest state subsidy last October went to National Power Corp. (P211 million), followed by Social Housing Finance Corp. (P158 million).

The other recipients of subsidies in October were Cottage Industry Technology Center (P12 million); Lung Center of the Philippines (P18 million); National Kidney and Transplant Institute (P20 million); Philippine Coconut Authority (P119 million); Philippine Children’s Medical Center (P26 million); Philippine Heart Center (P38 million); Philippine Institute of Traditional and Alternative Health Care (P8 million); People’s Television Network Inc. (P8 million); Southern Philippines Development Authority (P13 million); Tourism Promotions Board (P125 million), and Zamboanga City Special Economic Zone Authority (P4 million).