Budgetary subsidies granted to government-owned and-controlled corporations or GOCCs increased year-on-year in August, with the bulk going to the health sector, data from the Bureau of Treasury showed over the weekend.

Subsidies to GOCCs in August increased by 21.87 percent to P18.93 billion from P15.54 billion in the same period last year.

During the month, budgetary support for major non-financial government corporations reached P4.37 billion, up 43.75 percent from last year's P3.04 billion.

53-percent hike

At the same time, subsidies for other government corporations increased by 16.38 percent in August 2023 to P14.42 billion from P12.39 billion in August 2022.

The government subsidizes GOCCs to offset operational costs not sustained by their income.

For August, 68.30 percent of the total subsidies went to the Philippine Health Insurance Corp. at P12.93 billion.

This was an increase from PhilHealth's P11.23 billion in subsidies in August of last year.

The National Irrigation Administration secured the second-highest subsidy at P3.05 billion, while the National Housing Authority came in third with P992 million.

Other top monthly recipients include the National Food Authority with P221 million, the Philippine Children's Medical Center with P220 million, the Philippine Fisheries Development Authority with P196 million, and the Philippine Heart Center with P178 million.

During the month, GOCCs that did not get any subsidy include the National Electrification Administration, Bases Conversion and Development Authority and the Civil Aviation Authority of the Philippines.

Also included are the Philippine Crop Insurance Corporation, Philippine Postal Corp, Power Sector Assets and Liabilities Management Corp. and Social Housing Finance Corp.

For the eight-month period, subsidies increased 27.89 percent to P115.87 billion from P90.6 billion a year ago.

For January to August, budgetary support for major non-financial government corporations reached P41.74 billion, down 1.65 percent from  P42.44 billion last year.

Subsidies for other government corporations during the eight-month period increased 53.90 percent to P73.64 billion from last year's P47.85 billion.