MANILA, Philippines - Government subsidies to state-owned and controlled corporations dropped by 57% to P5.69 billion in November.
The bulk of the subsidies went to the National Food Authority and the Government Service Insurance System (GSIS).
This brings the total of subsidies from January to November last year to P25.63 billion, down 43% from the same period in 2011.
Last June, President Aquino signed the GOCC Governance Act, which seeks to eliminate bloated salaries and expenses of GOCCs. - ANC