Manila Philippines – The national government distributed subsidies amounting to P6.87 billion in total, which were allotted for the Government Owned and Controlled Corporations (GOCCs) for the month of March.
Based on the data from the Bureau of the Treasury, this financial support for GOCCs fell 39% short in comparison to the P10.79 billion subsidy given in the same period in 2023.
GOCCs are major sources of non-tax revenues, which will be used to fund infrastructure and other social and economic programs of the government.
Reports revealed that the smaller subsidies for GOCCs this month came after the drop in the national government’s fiscal deficit, which is 11% lower than of March 2023 data.
Large portion of the subsidy were given to National Irrigation Administration with P3.2 billion, P2 billion for National Electrification Administration , and to Philippine Fisheries Development Authority with P382 million.
Other GOCCs that were granted with the subsidy are the Cultural Center of the Philippines, with P156 million; Philippine Heart Center with P152 million; Small Business Corporation, P125 million; and Philippine Children’s Medical Center with P118 million.
These are still aside to the P104 million for National Kidney and Transplant Institute; Tourism Promotions Board with P83 billion; and P72 million for Light Rail Transit Authority.
While the fiscal performance of the government improved, which were mostly because of surplus revenues from Customs and Internal Revenue Bureaus, the administration’s public spending increased to P483.8 billion compared to last year’s P468.9 billion.