GOCC subsidies down 36% in March

Subsidies provided to government-owned and controlled corporations (GOCCs) declined year-on-year in March as the government prioritized the irrigation and energy sectors, the Bureau of the Treasury reported.

The latest data from the state-run Treasury Bureau showed that budgetary support to GOCCs declined by 36.34 percent to P6.872 in March this year from P10.795 billion a year earlier.

The subsidies also declined month-on-month by 45.95 percent from the P12.715 billion posted last February.

The government provides subsidies to GOCCs to help cover operational expenses not covered by their revenue.

The National Irrigation Authority (NIA) was the top recipient in March, receiving P3.224 billion or 46.91 percent of all subsidies during the month.

This was followed by the National Electrification Administration (NEA), which was granted P2.088 billion.

Meanwhile, the Philippine Fisheries Development Authority took in P382 million in March.

It did not receive any subsidies last January and February.

Other top recipients were the Cultural Center of the Philippines (CCP) at P156 million, the Philippine Heart Center at P152 million, the Small Business Corporation (SBC) at P125 million, the Philippine Children's Medical Center at P118 million, and the National Kidney and Transplant Institute (NKTI) at P105 million.

Q1 subsidies down

Meanwhile, the subsidies given to the GOCCs reached P19.587 billion in the first quarter of this year, down by 8.07 percent from P21.308 billion in the first three months last year.

In the three months to March, the NIA received P10.317 billion or 52.67 percent of all subsidies during the period.