The national government’s subsidies to government-owned and -controlled corporations in the first half of 2024 rose 5.51 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 six months of the year totaled to P67.21 billion, up from P63.7 billion recorded in the same period a year ago.
The lion’s share of the subsidies released to state-run firms, amounting to P36.53 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 Corp. with P8 billion, National Housing Authority with P3.75 billion, National Food Authority with P2.25 billion and National Electrification Administration with P2.09 billion.
For the month of June, government subsidies to state firms fell 61 percent to P10.16 billion from P26.06 billion a year ago.
NIA was the only billionaire recipient for the month, receiving P7.52 billion.
Meanwhile, data from the BTr also showed that income generated from the government’s privatization efforts totaled to P411.52 million in the first half of the year.
Privatization proceeds entirely remitted by the Privatization and Management Office significantly rose from the P53.17 million recorded in the same period a year ago.
Bulk of the amount in the first semester came from sales, accounting for P341.75 million.
Lease rental contributed P69.36 million while interest income generated during the period totaled to P0.41 million.
