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Gov’t subsidies to GOCCs drop in July

State subsidies to government companies dropped by more than half in July with bulk of these financial assistance went to entities involved in housing, health insurance and irrigation, data from the Bureau of the Treasury showed.

Two dozens government-owned and -controlled corporations (GOCCs) received their monetary support from the national government in July, with total subsidies of P17.93. billion. This, however, is lower by 53 percent from P38.29 billion a year ago.

Topping the list is the National Housing Authority with P9.9 billion aid from the government, followed by Philippine Health Insurance Corp., commonly known as PhilHealth, with P4.13 billion and the National Irrigation Administration with P1.91 billion.

 These three companies cornered P15.93 billion of total subsidies in July, equivalent to 88.8 percent of the total disbursements to GOCCs.

 They were followed by the Philippine Coconut Authority with P643 million, International Centre for Settlement of Investment Disputes with P576 million, Development Academy of the Philippines with P191 million and Philippine Heart Center with P118 million.

Likewise, the Philippine Children Medical Center received P78 million in July along with the P75 million for the National Kidney and Transplant Institute, Philippine Rice Research Institute with P59 million and National Electrification Administration with P46 million.

The Southern Philippines Development Authority also received P31 million, while the Lung Center of the Philippines got P27 million, Philippine National Railways with P26 million, and Philippine Institute for Development Studies with P22 minion.

 Other recipients were the Cultural Center of the Philippines (P21 million), Intercontinental Broadcasting Corp. or IBC-13 (P20 million), People’s Television Network (P19 million), and Center for International Trade Expositions and Missions (18 million).
      

 Lastly, subsidies were extended to the National Dairy Authority (16 million), Philippine Institute for Traditional and Alternative Health Care (P7 million), Aurora Pacific Economic Zone and Freeport (P4 million), Zamboanga City Special Economic Zone (P4 million) and Philippine Center for Economic Development (P3 million).

 The July subsidies brought the national government’s first seven-month tally to P187.46 billion, higher by 188 percent compared with P65 billion.
      

 In 2019, the government gave away a record P201.52 billion in subsidies.

Subsidies are part of the national government’s disbursement program.


Source: Manila Bulletin (https://mb.com.ph/2020/08/31/govt-subsidies-to-goccs-drop-in-july/?utm_source=rss&utm_medium=rss&utm_campaign=govt-subsidies-to-goccs-drop-in-july)

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