The national government’s subsidies to government-owned and -controlled corporations in the first eight months of 2023 rose 17.51 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 August 2023 totaled to P115.87 billion, up from the P98.61 billion recorded in the same period a year ago.
The lion’s share of the subsidies released to state-run firms, amounting to P50.61 billion, went to the Philippine Health Insurance Corp. (PhilHealth).
The subsidy support to PhilHealth is often allocated for the payment of health insurance premiums of indigent beneficiaries.
Other top recipients as of end-August are the National Irrigation Administration (NIA) with P28.84 billion, National Housing Authority with P5.52 billion, Power Sector Assets and Liabilities Management Corp. with P5 billion and the National Food Authority with P4.94 billion.
In August alone, subsidies to state-firms amounted to P18.93 billion, posting a 21.87 percent increase from the P15.54 billion recorded in the same month a year ago.
PhilHealth received the largest chunk with P12.93 billion.
Aside from PhilHealth, NIA is the only other billionaire recipient, receiving P3.05 billion.
The BTr earlier reported that the national government’s deficit widened in August as revenues declined while expenditures rose year-on-year.
The national government’s budget deficit climbed to P133 billion in August 2023, 84.63 percent higher compared to last year’s budget gap of P72 billion for the same month.
The fiscal outcome is attributed to the 6.58 percent drop in revenue collection coupled with the 9.66 percent expenditure growth.
This brings the year-to-date fiscal performance to a budget deficit of P732.5 billion, 12.06 percent down from the year ago level of P833 billion.
