GOCC subsidies up 123%

SUBSIDIES given away to state-run firms more than doubled to P8.244 billion in the first quarter, with the National Irrigation Administration (NIA) receiving the biggest amount amid the onslaught of El Niño.

Latest Treasury data showed national government subsidies to government-owned and/or -controlled corporations (GOCCs) during the first three months jumped 123 percent from P3.692 billion a year ago.

The NIA, the agency mainly responsible for irrigation development and management, received a total of P2.06 billion.

Tax-exempt Philippine Health Insurance Corp. (PhilHealth), which administers the National Health Insurance Program, got subsidies totaling P1.471 billion as of end-March.

The Subic Bay Metropolitan Authority, the investment promotion agency that grants tax and other perks to investors at the Subic Bay Freeport Zone, was granted P1.467 billion in subsidies.

The others in the top 10 are National Electrification Administration (P1.011 billion), Philippine Children’s Medical Center (P592 million), Bases Conversion and Development Authority (P401 million), Social Housing Finance Corp. (P243 million), People’s Television Network (P165 million), Philippine Rice Research Institute (P129 million), and Philippine National Railways (P120 million).

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

This year, GOCC subsidies were poised to hit P96.1 billion.