Subsidies to GOCCs rise 27% as of Sept

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    Subsidies to government-owned and -controlled corporations as of end-September rose by 27.08 percent from a year ago, data released by the Bureau of the Treasury (BTr) showed
    According to data posted on the BTr website, subsidies from January to September totaled to P199.61 billion, up from the P157.07 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 P30.45 billion, National Irrigation Administration (NIA) with P24.97 billion and the National Housing Authority with P17.74 billion.

    In September alone, subsidies amounted to P7.15 billion, 88.13 percent down from the P60.28 billion posted in the same time in 2019.

    NIA was the top recipient for the month with P2.62 billion.

    Other top recipients include the Bases Conversion and Development Authority with P1.03 billion, National Power Corp. with P753 million, National Home Mortgage Finance Corp. with P463 million and National Electrification Administration with P358 million. – A. Celis