GOCC subsidies nearly double in Nov.

Published January 19, 2020, 12:00 AM

by manilabulletin_admin

By CHINO S. LEYCO

Government subsidies to state companies rose nearly by half in November last year owing to institutions related to health, irrigation and housing, data from the Bureau of the Treasury showed.

According to the Treasury, total state subsidies to government owned- and controlled- corporations (GOCCs) amounted to ₱11.81 billion in November, up by 46 percent compared with ₱8.08 billion in the same month a year before.

Of the total government aid, the Philippines Health Insurance Corp., commonly known as PhilHealth, received the biggest amount at ₱3.98 billion, and this brought its 2019 January to November’s total subsidies to ₱65.54 billion.

PhilHealth, the agency responsible for the implementation of universal health coverage in the country, was followed by National Irrigation Administration (NIA) with ₱2.76 billion in government support and National Housing Authority (NHA) with ₱1.9 billion.

At end-November, the national government’s total subsidies to NIA and NHA already amounted to ₱34.81 billion and ₱10.18 billion, respectively.

Other major subsidy recipients for the month were Local Water Utilities Administration with ₱909 million, Philippine Crop Insurance Corp. with ₱717 million, Bases Conversation and Development Corp. with ₱408 million, Philippine Postal Corp. with ₱271 million and Philippine Heart Center with ₱123 million.

In the first 11-month last year, subsidies to GOCCs stood at ₱170.55 billion, higher by 27 percent compared with ₱134.47 billion in the same period in the previous year.

The national government is regularly extending its financial support to GOCCs to help them in their operational expenses that are not supported by the revenue they generate.

In 2019, the government has allotted ₱187.1 billion this year for subsidies to GOCCs.

 
CLICK HERE TO SIGN-UP
 

YOU MAY ALSO LIKE

["business","business"]
[951894,3007432,3007398,3007302,3007256,3007331,3007291]