Subsidies down 10%

- Advertisement -

The national government’s subsidies to government-owned and -controlled corporations in the first 10 months of 2023 fell 9.78 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 October 2023   totaled to P146.32 billion, down from the P162.17 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.

- Advertisement -

The subsidy support to PhilHealth is often allocated for the payment of health insurance premiums of indigent beneficiaries.

Other top recipients as of end-October are the National Irrigation Administration (NIA) with P35.92 billion, National Housing Authority (NHA) with P17.78 billion, National Food Authority (NFA) with P8.03 billion and the Power Sector Assets and Liabilities Management Corp. with P5 billion.

In October alone, subsidies to state-firms amounted to P9.19 billion, posting a 76.98 percent decline from the P39.92 billion recorded in the same month a year ago.

NIA received the largest chunk with P4.11 billion.

Aside from NIA, other top recipients for the month include NFA with P2.01 billion and the NHA with P1.15 billion.

The BTr earlier reported that the national government’s fiscal deficit narrowed sharply in October amid the strong performance of state collections.

The deficit last month fell by 65.27 percent year-on-year to P34.4 billion.

This was underscored by a notable 33.56 percent rise in revenue collections outpacing government expenditure growth of 8.32 percent.

The total aggregate budget deficit for the 10-month period amounting to P1.02 trillion similarly showed an 8.45 percent contraction from the P1.11 trillion posted in the corresponding period last year and is at 67.88 percent of the P1.5 trillion 2023 program. Angela Celis

Author

- Advertisement -

Share post: