[ad_1]
Subsidies granted by the national government to state-owned companies decreased in August, data from the Treasury Office showed, and most of it was extended to the National Irrigation Administration (NIA).
Twenty-one government owned and controlled corporations obtained a total of P4.98 billion in assistance during the month, a reduction of 84.31 percent from P31.80 billion in August 2019.
NIA insured P2.60 billion last month. The agency is responsible for the development and management of irrigation in the country.
Philippine Crop Insurance Corp. ranked second in subsidies received with P1.32 billion and Small Business Corp. ranked third with P500 million.
Also receiving assistance in August: Aurora Pacific Economic Zone and Freeport Authority, Bases Conversion Development Authority, Cultural Center of the Philippines, Credit Information Corp., Center for International Trade Expositions and Missions, Development Academy of the Philippines, Lung Center of the Philippines, National Dairy Authority, National Kidney and Transplant Institute, Coconut Authority of the Philippines, Center for Economic Development of the Philippines, Children’s Medical Center of the Philippines, Heart Center of the Philippines, Rice Research Institute of the Philippines, Research Institute of Development of the Philippines, Philippine Institute of Traditional and Alternative Health Care, People’s Television Network Inc., and the Zamboanga City Special Economic Zone Authority.
So far this year, government subsidies soared 98.83 percent to P192.45 billion from the previous year’s figure.
The Social Security System (SSS) obtained the highest allocation during the eight-month period with P51 billion. It should be noted that SSS was the implementing agency for the P51 billion Small Business Wage Subsidy (SBWS) program.
Launched in April, the SBWS program provided 3.1 million formal sector workers employed in micro, small and medium-sized enterprises with P5,000 to P8,000 wage subsidies for the month of April and May. The amount of the subsidies depends on the regions where the workers are employed.
In 2019, the government delivered a record P201.52 billion in subsidies.
The subsidies are part of the national government’s disbursement program.
State spending in August increased 0.38 percent to P283.3 billion from P282.2 billion a year ago, increasing the year-to-date figure by 20.79 percent to P2.67 trillion.
[ad_2]
