Govt subsidies to state-owned firms reach P6.31 billion in October

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The amount of subsidies extended by the government to state-owned entities went down in October, data from the Bureau of the Treasury (BTr) showed.

BTr data showed 26 government-owned and -controlled corporations got a total of P6.31 billion assistance during the month, down by 12.8 percent from P7.23 billion in October 2019. The National Irrigation Administration got P4.26 billion during the month, the largest among state-owned entities.

Coming in second in terms of subsidies received was the National Electrification Administration with P885 million followed by the National Housing Authority with P252 million.

Also securing government funding assistance in October were the Local Water Utilities Administration, Aurora Pacific Economic Zone and Freeport Authority, Cultural Center of the Philippines, Cagayan Economic Zone Authority, Credit Information Corp., Center for International Trade Expositions and Missions,  IBC-13, Lung Center of the Philippines, National Dairy Authority, National Kidney and Transplant Institute, Philippine Coconut Authority, Philippine Center for Economic Development, Philippine Children’s Medical Center, Philippine Heart Center,  Philippine Rice Research Institute, Philippine Institute for Development Studies, Philippine Institute for Traditional and Alternative Health Care, People’s Television Network Inc., Subic Bay Metropolitan Authority, Southern Philippines Development Authority, Tourism Infrastructure and Enterprise Zone Authority, and Zamboanga City Special Economic Zone.

In the first 10 months of the year, the amount of government subsidies to state-owned entities hit P205.91 billion, and it was the Social Security System (SSS) that got the biggest funding during the said period with P51 billion.

The SSS had to support its Small Business Wage Subsidy (SBWS) program that was launched in April or at the onset of the coronavirus pandemic. SBWS provided 3.1 million workers in the formal sector employed in micro, small and medium enterprises P5,000 to P8,000 wage subsidies for during April and May.

This year’s amount of subsidies extended to state-owned entities is expected to exceed 2019’s figure of P201.52 billion. CURRENTPH

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