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Manila Bulletin devider Business devider Subsidies to state-run firms hit P33-B in July


Subsidies to state-run firms hit P33-B in July


Published Sep 3, 2023 02:36 am

At A Glance

  • In July, the government provided P33.24 billion in subsidies to state-owned companies, with the majority going towards the universal healthcare program.<br>Philippine Health Insurance Corp. (PhilHealth) received the largest subsidy of P22.65 billion, followed by the National Irrigation Administration (NIA) with P4 billion, the National Housing Authority (NHA) with P3.33 billion.<br>Total subsidies to government-owned and controlled corporations (GOCCs) in the first seven months were P96.93 billion, a 17% increase from the previous year.<br>PhilHealth received the highest subsidy of P37.683 billion in the first seven months, while NIA received P25.795 billion.<br>The end-July subsidy represents 45.1% of the full-year program of P214.53 billion.

The Bureau of the Treasury reported that government subsidies to state-owned companies increased in July, with the majority of the funds being used to support the universal healthcare program.

The national government provided P33.24 billion in financial aid to government-owned and controlled corporations (GOCCs) during the month, a 10 percent increase compared to P30.32 billion in July last year.

The Philippine Health Insurance Corp., commonly known as PhilHealth, received the largest portion of the subsidy, totaling P22.65 billion, which accounted for 68.1 percent of the total disbursements.

PhilHealth, a state-run firm responsible for the national health insurance program, also received P15 billion in subsidy last June.

Other GOCCs that received financial support were the National Irrigation Administration (NIA) with P4 billion, the National Housing Authority (NHA) with P3.33 billion, and the Philippine Fisheries Development Authority with P1.3 billion.

Monetary support extended to state-owned companies in July brought the government’s total subsidies to P96.93 billion in the first seven months, higher by 17 percent compared to P83.07 billion in the same period a year ago.

Major non-financial government corporations received over P77.514 billion, nearly doubling the P39.399 billion subsidies a year earlier.

Government financial institutions, meanwhile, accounted for the remaining P349 million, also higher than the P205 million last year.

The end-July subsidy only represents 45.1 percent of the government's full-year program of P214.53 billion.

PhilHealth received the highest subsidy among all GOCCs in the first seven months, with a total of P37.683 billion. This amount is higher than the P22.462 billion it obtained in the same period last year.

NIA received the second-highest subsidy, gathering over P25.795 billion, which was slightly higher than the P24.218 billion it received last year.

In third place was the Power Sector Assets and Liabilities Management Corp., which only received a P5 billion subsidy in March.

Taking the fourth and fifth places are the National Food Authority (NFA) and NHA, respectively.

The former acquired a total of P4.714 billion, an increase from P3.38 billion last year, while the NHA was provided with P4.526 billion, down from last year’s P8.941 billion. (Xander Dave G. Ceballos)

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government owned and controlled corporation government subsidy Bureau of the Treasury
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