Subsidies to GOCCs nearly double

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    Subsidies to government-owned and -controlled corporations as of end-August went up from its year ago level, amid earlier state support for the country’s coronavirus pandemic response.

    Data released by the Bureau of the Treasury showed that subsidies from January to August totaled to P192.45 billion, 98.83 percent higher than the P96.79 billion released in the same period last year.

    The lion’s share of the subsidies released to state-run firms, amounting to P51 billion, went to the Social Security System, which is one of those in charge of the small business wage subsidy (SBWS) program.

    The SBWS program provided wage subsidies amounting to P5,000 to P8,000 for affected employees and owners of small businesses to help mitigate their loss of income and prevent closures due to the imposition of the enhanced community quarantine last March.

    Also among the biggest recipients are the National Food Authority with P37.65 billion, Philippine Health Insurance Corp. with P30.3 billion, National Irrigation Administration (NIA) with P22.35 billion and the National Housing Authority with P17.74 billion.

    In August alone, subsidies amounted to P4.99 billion, 84.32 percent down from the P31.81 billion posted in the same time in 2019.

    NIA was the top recipient for the month with P2.61 billion.

    Other top recipients include the Philippine Crop Insurance Corp. with P1.32 billion, Small Business Corp. with P500 million, Philippine Heart Center with P126 million and Philippine Children’s Medical Center with P95 million.