Subsidies to GOCCs fall 28% as of Feb

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    The subsidies to government-owned and -controlled corporations as of end-February posted a 27.72 percent decline versus its year ago level, data released by the Bureau of the Treasury (BTr) showed.

    According to data posted on the BTr website, subsidies from January to February totaled to P7.58 billion, down from the P10.49 billion released in the same period last year.

    The lion’s share of the subsidies released to state-run firms, amounting to P4.99 billion, went to the National Irrigation Administration (NIA), which is responsible for irrigation development and management.

    Also among the biggest recipients are the Bases Conversion and Development Authority with P720 million, Small Business Corp. with P300 million, Philippine Heart Center with P296 million and the National Kidney and Transplant Institute with P213 million.

    In February alone, subsidies amounted to P7.57 billion, 27.82 percent down from the P10.49 billion posted in the same time in 2020.

    NIA received the entire amount of P4.99 billion during the said month.

    The BTr earlier reported that the national government’s budget deficit widened to P116 billion in February as expenditures posted a double-digit hike during the said month.

    According to the BTr’s latest cash operations report, the government’s budget deficit in February was more than three times the P37.6 billion recorded a year ago.

    While revenue collections grew during the period, the growth in expenditures significantly outpaced it, year-on-year.

    This drove the year-to-date deficit to P130 billion for the two-month period, far above the P14.6 billion recorded a year ago.