Gov't subsidies plunge nearly 50 pct in Sept

ABS-CBN News

Posted at Nov 01 2013 04:06 PM | Updated as of Dec 02 2013 11:09 PM

MANILA, Philippines (CORRECTED) - Subsidies for government owned and controlled corporations dropped by almost half in September.

Data from the Bureau of Treasury showed the government spent P1.64 billion for GOCCs, the bulk of that going to the National Electrification Administration. This was 47% lower than the P3.1 billion in the same month last year.

In September, the government extended P531 million in financial aid to NEA. The Philippine Deposit Insurance Corporation (PDIC) also received a subsidy of P314 million.

Other recipients of state subsidies in September were the Center for International Trade Expositions and Missions (P65 million), National Kidney and Transplant Institute (P51 million), Lung Center of the Philippines (P43 million) and National Dairy Authority (P33 million).

For the January to September period, state subsidies to GOCCs reached P35.4 billion, 92% higher than year-ago figures.

This year, the national government allocated P42.79 billion for its subsidies for state-owned companies.