Subsidies to state-run firms up 5% in November
At A Glance
- Government subsidies to state-owned companies increased in November last year, with the bulk of the funds going to the National Irrigation Administration (NIA) and the National Food Authority (NFA).<br>NIA received P2.51 billion, and NFA received P1.67 billion in subsidies.<br>From January to November, NIA received P38.43 billion, and NFA received P9.7 billion in subsidies.<br>Other GOCCs that received substantial subsidies included the Philippine Postal Corp. (P500 million), Philippine Fisheries Development Authority (P274 million), Philippine Rice Research Institute (P244 million), and National Electrification Administration (P224 million).<br>Additionally, subsidies were allocated to the Philippine Heart Center (P178 million), the Philippine Children's Medical Center (P135 million), the Philippine Health Insurance Corp. (P132 million), and the National Kidney and Transplant Institute (P116 million).<br>At end-November, the government's total expenses to support the operations of all GOCCs amounted to P153.05 billion, a decrease from the previous year's P168.34 billion.<br>The 11-month tally accounted for 78.2 percent of the government's full-year program of P195.7 billion.
Government subsidies to state-owned companies increased in November, with the majority of the funds being allocated to the National Irrigation Administration (NIA) and the National Food Authority (NFA).
Data from the Bureau of the Treasury showed that government-owned and -controlled corporations (GOCCs) received P6.73 billion in subsidies in November 2023, an eight percent increase compared to P6.17 billion in the same month a year before.
The NIA and NFA collectively received 62.1 percent of the total amount.
The NIA, which oversees irrigation development and management in the country, obtained P2.51 billion from the national government, while the NFA, responsible for the acquisition, maintenance, and distribution of rice buffer stock, received P1.67 billion.
From January to November 2023, the NIA and NFA were allocated subsidies of P38.43 billion and P9.7 billion, respectively.
Other GOCCs that received over P100 million in subsidies included the Philippine Postal Corp., which received P500 million, the Philippine Fisheries Development Authority with P274 million, the Philippine Rice Research Institute with P244 million, and the National Electrification Administration with P224 million.
Additionally, subsidies were allocated to the Philippine Heart Center with P178 million, the Philippine Children's Medical Center with P135 million, the Philippine Health Insurance Corp. with P132 million, and the National Kidney and Transplant Institute with P116 million.
As of the end of November, the government's total expenses to support the operations of all GOCCs amounted to P153.05 billion, a decrease of nine percent from P168.34 billion in the same period the previous year.
The total subsidies disbursed during the 11-month period accounted for 78.2 percent of the government's full-year program of P195.7 billion.
The government provides subsidies to GOCCs to assist in delivering key services, building infrastructure, aiding those in need, stabilizing markets, and fostering economic growth.