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Manila Bulletin devider Business devider Government slashes GOCC subsidies last year

Government slashes GOCC subsidies last year

Bulk went to PhilHealth

Published Mar 17, 2024 11:03 pm

At A Glance

  • In 2023, government subsidies to government owned and controlled corporations (GOCCs) decreased by 18% to P163.5 billion from the previous year's P200.410 billion.
  • The Philippine Health Insurance Corporation received most of the subsidies, totaling P50.7 billion, with National Irrigation Administration and National Housing Authority also receiving significant amounts.
  • Other GOCCs and organizations, including the National Food Authority and various medical and development institutions, also received government subsidies.
  •  

The national government slashed the amount of subsidy it extended to government-owned and controlled corporations (GOCCs) to around 18 percent last year, but bulk of it went to the Philippine Health Insurance Corp. (Philhealth).

Financial support extended to the state-owned companies plunged to P163.5 billion from P200.410 billion in 2022, based on the data from the Bureau of the Treasury.

The GOCC that received a huge portion of the subsidy was PhilHealth, getting P50.7 billion.

The P5.768-trillion 2024 national budget had set aside P101.5 billion for Philhealth to cover premium subsidies for indirect contributors with the implementation of the universal health care program.

Philhealth has been receiving the highest subsidies from the government since 2014 to aid members’ medical coverage despite lower contributions.

Other major recipients of subsidies were the National Irrigation Administration, National Housing Authority, and National Food Authority at P40.7 billion, P18.2 billion, and P10.1 billion, respectively.

Moreover, the Power Sector Assets and Liabilities Management received a P8 billion subsidy along with the Philippine Crop Insurance Corp. with P4.6 billion, Bases Conversion and Development Authority with P4.4 billion, and Philippine Fisheries Development Authority with P3.6 billion.

The lower GOCC subsidy last year reduced the government’s budget deficit during the month.

Last month, the Treasury bureau reported that the government incurred a P1.51 trillion fiscal gap, lower by 6.32 percent compared with P1.61 trillion last year.

Expenditures, however, increased to P5.3 trillion in 2023, up by 3.42 percent from P5.15 trillion a year earlier.

Government revenue, on the other hand, improved to P3.8 trillion from P3.5 trillion in 2022.

Bulk of the total revenue was from taxes amounting to P3.4 trillion while non tax collections of P394 billion made up the remaining balance.
 

Related Tags

GOCC government owned and controlled corporation government subsidy Bureau of the Treasury
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