The national government’s subsidies to government-owned and -controlled corporations in the first nine months of 2024 fell by 23.25 percent year-on-year, data released by the Bureau of the Treasury (BTr) showed.
According to the latest cash operations report posted on the BTr’s website, subsidies in January to September totaled to P105.24 billion, down from the P137.13 billion recorded in the same period a year ago.
The lion’s share of the subsidies released to state-run firms, amounting to P54.38 billion, went to the National Irrigation Administration (NIA) which is responsible for irrigation development and management.
Aside from NIA, other billionaire recipients are the Philippine Health Insurance Corp. (PhilHealth) with P9.6 billion, Power Sector Assets and Liabilities Management Corp. with P8 billion, National Housing Authority with P3.8 billion and the Philippine Crop Insurance Corp. with P3.15 billion.
In September alone, government subsidies to state firms fell by 14.33 percent to P18.22 billion from P21.26 billion a year ago.
PhilHealth is the top recipient for the month, receiving P9.34 billion.
Meanwhile, the only other billionaire recipients for September are NIA with P5.5 billion and National Electrification Administration with P1.01 billion.
The BTr earlier reported that the national government’s budget deficit as of end-September fell within the deficit ceiling for the nine-month period as revenues outperformed its program faster than expenditures.
The budget deficit stood at P970.2 billion in January to September, 9.08 percent below the program of P1.07 trillion.
Revenues for the period surpassed the target by 4.53 percent, while expenditure was higher than program by 1.09 percent.
Year-on-year, the nine-month budget deficit narrowed by 1.35 percent compared to the P983.5 billion budget shortfall in January to September 2023.
Revenues also grew at a faster pace year-on-year at 16.04 percent expansion, while expenditures rose by 11.56 percent.
In September alone, the deficit widened by 8.9 percent to P273.3 billion from last year’s P250.9 billion, as the increase of nominal value of expenditures outpaced the increase in revenues.
