11-month gov’t subsidies up 69.7% to P66.32B

MANILA, Philippines–State-run firms received P2.68 billion in subsidies from the government last November, down 15.2 percent year on year, the latest data from the Bureau of the Treasury showed.

The subsidies distributed to government-owned and -controlled corporations (GOCCs) in November last year was lower than the P3.17 billion given away during the same month in 2013.

On a month-on-month comparison, meanwhile, the November figure was higher than October’s P1.43 billion, which was the lowest amount in five months.

From January to November last year, however, a total of P66.32 billion in subsidies were granted to government corporations, up 69.7 percent from the P39.07 billion recorded in the first 11 months of 2013.

As of end-November, the biggest state subsidies were enjoyed by Philippine Health Insurance Corp. (P35.31 billion); National Housing Authority (P9.01 billion);  National Electrification Administration (P5.01 billion); National Food Authority (P4.25 billion), and. Philippine Deposit Insurance Corp. (P2.791 billion).

Last November, 21 GOCCs received subsidies, the biggest recipient of which was the NEA, which secured P768 million.

The other state-run companies that got their share of government subsidies that month were the Cultural Center of the Philippines (P24 million); Cottage Industry Technology Center (P1 million); Development Academy of the Philippines (P21 million); Local Waterworks and Utilities Administration (P159 million); Lung Center of the Philippines (P18 million); National Home Mortgage and Finance Corp. (P500 million); National Kidney and Transplant Institute (P20 million); Philippine Coconut Authority (P259 million); Philippine Children’s Medical Center (P27 million), and Philippine Heart Center (P26 million).

Also infused with money from the national government were the Philippine Institute for Development Studies (P78 million); Philippine Institute of Traditional and Alternative Health Care (P16 million); Philippine National Railways (P49 million); Philippine Rice Research Institute (P91 million); People’s Television Network Inc. (P8 million); Social Housing Finance Corp. (P156 million); Southern Philippines Development Authority (P2 million); Social Security System (P333 million); Tourism Promotions Board (P125 million), and Zamboanga City Special Economic Zone Authority (P4 million).