Government-owned and controlled corporations (GOCCs) received lower subsidies from the national government in the first half of 2024, the Bureau of the Treasury said over the weekend.
Data from the Treasury show that total subsidies to GOCCs amounted to P67.2 billion in the first six months of 2024, down by 5.5 percent from P63.69 billion they received in the same period last year.
Major non-financial government corporations received the biggest subsidies amounting to P46.55 billion, followed by other government corporations with P17.86 billion.
Government financial institutions (GFIs) received P2.78 billion in subsidy.
The Treasury said that in June 2024, government’s subsidies to GOCCs fell 58.7 percent to P10.15 billion from P26.05 billion a year ago.
Subsidies for major non-financial government corporations amounted to P8.018 billion in June, lower than P4.01 billion in the same month last year.
Subsidies for other government corporations reached P2.036 billion, down from P21.95 billion last year.
National Irrigation Administration (NIA) was the biggest recipient of subsidy amounting to P7.51 billion in June, higher than P3.5 billion in the same period last year.
This was followed by Philippine Rubber Institute with a total subsidy of P345 million, National Power Corp. with P302 million, Philippine Fisheries Development Authority with P272 million, Philippine Health Insurance Corp. with P260 million and Philippine Children’s Medical Center with 180 million.
Other top subsidy recipients are the National Kidney and Transplant Institute with P133 million, Philippine Coconut Authority with P122 million, Philippine National Railways with P107 million and Light Rail Transit Authority (LRTA) with P72 million.
