The national government’s subsidies to government-owned and -controlled corporations in the first five months of the year saw a decline of 4.33 percent, data released by the Bureau of the Treasury (BTr) showed.
According to the latest cash operations report, subsidies in January to May 2023 totaled to P37.65 billion, down from the P39.36 billion recorded in the same period a year ago.
The lion’s share of the subsidies released to state-run firms, amounting to P18.29 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 P5 billion, National Food Authority (NFA) with P4.1 billion, National Housing Authority (NHA) with P1.2 billion and the National Power Corp. with P1.13 billion.
In May alone, subsidies to state firms amounted to P7.39 billion, 7.28 percent down from the P7.99 billion recorded in the same month a year ago.
NIA received the largest chunk with P4.22 billion.
Aside from NIA, other top recipients for the month are NFA with P849 million, NHA with P363 million, Philippine Fisheries Development Authority with P319 million and the Philippine Heart Center with P271 million.
The BTr earlier reported that the national government’s budget deficit for May narrowed versus the year ago level as the growth in revenues overtook the marginal increase in expenditures.
The government’s budget shortfall in May stood at P122.2 billion, 16.73 percent lower than the previous year’s deficit of P146.8 billion.
The BTr said the lower deficit for the period was brought about by the 9.35 percent increase in national government receipts versus the performance of expenditures which only inched up by 0.88 percent.
The cumulative budget gap for the first five months of the year amounting to P326.3 billion similarly declined by 28.86 percent versus the previous year’s level of P458.7 billion.
