Gov't subsidies down 23% to P105 B in 9 months

The government reduced its budgetary support to state-run firms by a little over 20 percent to P105 billion over the nine-month period, with the bulk of the subsidies allocated to support irrigation projects.

- By LOUISE MAUREEN SIMEON

Data from the Bureau of the Treasury showed that subsidies to government-owned and controlled corporations (GOCCs) from January to September went down by 23 percent to P105.24 billion from P137.13 billion in the same period last year.

During the period, subsidies for other government corporations dropped by 57 percent to P33.47 billion from P78.26 billion a year ago. This category accounted for 32 percent of the total.

On the other hand, budgetary support for major non-financial government corporations reached P66.35 billion, rising by 14 percent. This comprised 63 percent of the total subsidies.

The remaining five percent, or P5.43 billion, went to government financial institutions, primarily the Philippine Crop Insurance Corp.