GOCC subsidies in March rise 180% year on year

SUBSIDIES extended to government-owned and -controlled corporations (GOCCs) expanded by 180% year on year to P10.747 billion in March, the Bureau of the Treasury (BTr) said.

Data from the BTr showed that budgetary support to GOCCs also increased by nearly 89% from February, while the year-to-date total hit P19.304 billion.

Subsidies are granted to GOCCs to cover operational expenses not supported by their revenue.

The top beneficiaries were the National Housing Authority (NHA) and the National Irrigation Authority (NIA), receiving P2.979 billion and P2.566 billion respectively, both accounting for over half of the total subsidies. The NIA subsidy was nearly unchanged from the preceding month, when it received P2.570 billion.

Other top recipients were the Bases Conversion and Development Authority (BCDA) and the Philippine Fisheries Development Authority, receiving P2.170 billion and P828 million respectively.

The Small Business Corp. received P500 million, while the Philippine Crop Insurance Corp. received P299 million.

GOCCs that received more than P50 million were the Cultural Center of the Philippines, the National Dairy Authority, the National Kidney Transplant Institute, the Philippine Coconut Authority, the Philippine Children’s Medical Center, the Philippine Heart Center, the Sugar Regulatory Administration, and the Tourism Infrastructure and Enterprise Zone Authority.

The Subic Bay Metropolitan Authority was the lone GOCC to not receive subsidies in March. It received P3 million in February. —