SUBSIDIES extended by the national government to state-owned firms in the first quarter of the year grew more than threefold to P36.154 billion, data from the Bureau of the Treasury showed.
From P9.304 billion worth of subsidies recorded in January to March last year, subsidies to government-owned and -controlled corporations (GOCCs) for the same period this year jumped by 288.59 percent.
Of the total government subsidy for the first quarter, 93.2 percent or P33.704 billion went to major nonfinancial government corporations, while the remaining P2.450 billion was shared by other government corporations.
The National Electrification Administration (NEA) and the Light Rail Transit Authority (LRTA), which are major nonfinancial government corporations, cornered the biggest chunk of subsidies worth P11.015 billion and P10.586 billion for the first three months of the year, respectively.
The National Irrigation Administration (NIA) came in next, receiving P8.836 billion, followed by the National Food Authority (NFA) with a total of P2.979 billion.
The national government gives subsidies to GOCCs either to cover operations that are not supported by corporate revenues or fund specific programs or projects.
Among those that received more than P100 million in subsidies for the same period are Small Business Corporation (P500 million), Philippine Heart Center (P354 million), Philippine Fisheries and Development Authority (P342 million), National Housing Authority (P288 million), Philippine Children’s Medical Center (P234 million), National Kidney and Transplant Institute (P225 million) and Philippine Rice Research Institute (P162 million).
For the month of March alone, the government released P25.667 billion in subsidies, rising more than fourfold or 347.16 percent from P5.740 billion in the same month last year.
The total amount released in March was also the highest since the P35.240 billion released in March 2018.
Of the total March subsidy this year, 96.09 percent or P24.664 billion was extended to major nonfinancial government corporations, while the remaining P1.003 billion went to other government corporations.
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