The national government’s subsidies to government-owned and -controlled corporations as of end-February rose 20.95 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 two months of the year totaled to P12.72 billion, up from the P10.51 billion recorded in the same period a year ago.
The lion’s share of the subsidies released to state-run firms, amounting to P7.09 billion, went to the National Irrigation Administration (NIA), which is responsible for irrigation development and management.
Aside from NIA, the only other billionaire recipient is the National Food Authority (NFA), which received P2.25 billion during the said period.
The BTr previously reported that the national government posted a wider budget deficit in February amid the double-digit hike in expenditures.
The government incurred a budget shortfall of P164.7 billion in February 2024, higher compared to the P106.4 billion recorded in the previous year.
The wider budget gap stemmed from the 22.14 percent year-over-year increase in expenditures, matched with the moderate revenue growth of 5.73 percent.
With the February turnout, the year-to-date fiscal balance reverted to a deficit of P76.7 billion, which is 26.56 percent higher relative to last year’s P60.6 billion budget gap.
