GOCC subsidies fall 25.9% in Feb.

SUBSIDIES provided to government-owned and -controlled corporations (GOCCs) declined in February, the Bureau of the Treasury (BTr) said.

Budgetary support to GOCCs dropped 25.9% year on year to P9.401 billion in February.

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

The top recipients in February were the National Irrigation Administration, receiving P6.789 billion, the National Food Authority with P637 million, and the Philippine Heart Center with P294 million.

Other top recipients during the month were the National Kidney and Transplant Institute (P212 million), the Philippine Children’s Medical Center (P193 million), the Philippine Coconut Authority (P188 million), the National Dairy Authority (P130 million), the Philippine Rice Research Institute (P108 million), and the Lung Center of the Philippines (P105 million).

Other GOCCs that received more than P50 million were the Light Rail Transit Authority, the Cultural Center of the Philippines, the Development Academy of the Philippines, the Intercontinental Broadcasting Corp., and the Philippine Center for Economic Development.

The National Power Corp. was the only major nonfinancial government corporation to not receive any subsidies during the month.

Total subsidies extended to GOCCs in the two months to February totaled P10.513 billion, down 32.4% from a year earlier. Luisa Maria Jacinta C. Jocson