The national government’s subsidies to government-owned and -controlled corporations as of end-April surged by 56.31 percent year-on-year, data released by the Bureau of the Treasury (BTr) showed.
According to the latest cash operations report, subsidies in the first four months of the year totaled to P47.31 billion, up from the P30.27 billion recorded in the same period a year ago.
The lion’s share of the subsidies released to state-run firms, amounting to P21.74 billion, went to the National Irrigation Administration (NIA), which is responsible for irrigation development and management.
Aside from NIA, other billionaire recipients are the Power Sector Assets and Liabilities Management (PSALM) Corp. with P8 billion, National Housing Authority (NHA) with P3.75 billion, National Food Authority with P2.25 billion and National Electrification Administration with P2.09 billion.
In April alone, government subsidies to state firms jumped to P27.72 billion from P8.96 billion a year ago.
NIA, PSALM and NHA were also the top recipients for the month, with P11.43 billion, P8 billion and P3.75 billion, respectively.
The BTr previously reported that the national government posted a lower budget surplus in April compared to a year ago amid the acceleration in public expenditures.
According to the BTr, the government achieved a P42.7 billion budget surplus for April, 36.03 percent lower than last year’s P66.8 billion.
The BTr attributed the smaller surplus for the month to the significant growth in expenditures, which outpaced the rise in revenue collection.
As a result, the year-to-date budget deficit stood at P229.9 billion, up 12.66 percent than last year’s level.
