The national government’s subsidies to government-owned and -controlled corporations in the first semester rose 20.77 percent versus the year ago level, data released by the Bureau of the Treasury (BTr) showed.
According to the latest cash operations report, subsidies in January to June 2023 totaled to P63.701 billion, up from the P52.745 billion recorded in the same period a year ago.
The lion’s share of the subsidies released to state-run firms, amounting to P21.81 billion, went to the National Irrigation Administration (NIA), which is responsible for irrigation development and management.
Aside from NIA, other billionaire recipients for the first half of 2023 are the Philippine Health Insurance Corp. (PhilHealth) with P15.03 billion, Power Sector Assets and Liabilities Management Corp. with P5 billion, National Food Authority with P4.57 billion and the Bases Conversion and Development Authority (BCDA) with P2.91 billion.
In June alone, subsidies to state-firms amounted to P26.06 billion, posting a 94.64 percent jump from the P13.39 billion recorded in the same month a year ago.
PhilHealth received the largest chunk with P15.02 billion. The subsidy support to PhilHealth is often allocated for the payment of health insurance premiums of indigent beneficiaries.
Aside from PhilHealth, other top recipients for the month are NIA with P3.52 billion, BCDA with P2.91 billion and the Philippine Crop Insurance Corp. with P1.8 billion.
The BTr earlier reported that the government’s budget deficit in the first semester fell below program by 28.49 percent, due to the underspending of implementing agencies.
The government’s budget deficit in January to June stood at P551.7 billion, well below the P771.5 billion ceiling.
Government expenditures amounted to P2.41 trillion, 6.6 percent below the program of P2.58 trillion.
Revenues surpassed the P1.81 trillion goal by 2.72 percent, amounting to P1.86 trillion. – Angela Celis
