Subsidies to GOCCs jump 531% in August

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    The national government’s subsidies to government-owned and -controlled corporations (GOCCs) saw a significant jump for the month of August, with the lion’s share of the amount went to the Philippine Health Insurance Corp. (Philhealth).

    Data posted by the Bureau of the Treasury in its website showed subsidies to state firms amounted to P31.808 billion in August 2019, 531.49 percent higher than the P5.037 billion disbursed in the same month last year.

    Bulk of the amount went to Philhealth with P27.695 billion. Subsidies to the agency are used to support its programs, such as releases for health insurance premiums of senior citizens enrolled in the National Health Insurance Program.

    The Philippine Crop Insurance Corp. was the second largest recipient with P1.952 billion, followed by the National Electrification Administration with P571 million, National Irrigation Authority (NIA) with P456 million and the Development Academy of the Philippines, P251 million.

    As of end-August, state support to GOCCs totaled P96.794 billion, 8.04 percent down from the P105.251 billion recorded in the first eight months of 2018.

    Philhealth is the top recipient with P29.144 billion, followed by NIA with P24.029 billion.

    The Land Bank of the Philippines received P18.488 billion while the National Housing Authority is in the fourth spot with P8.278 billion. The National Food Authority completed the top five with P3.563 billion.