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The SUBSIDIES granted by the national government to state companies from January to September reached P199.6 billion, a level that is already close to the record amount it granted for the entire year in 2019.
The latest data from the Treasury Office showed that government owned and controlled corporations (GOCC) received P199.6 billion during the nine-month period, just P1.918 billion below the 2019 level at P201.524 thousand. millions.
The amount of subsidies the government gave to GOCCs from January to September is also 27.08 percent higher compared to P157.069 billion recorded in the same period a year ago.
For the month of September alone, national government subsidies plummeted 88.13 percent to P7.153 billion from P60.275 billion in the same month last year.
The national government grants grants to GOCCs to cover operations that are not supported by corporate income or to finance specific programs or projects.
From January to September 2020, most or 52.62 percent of subsidies went to major nonfinancial government corporations (P105.034 billion), 47.15 percent to other government corporations (P94, 109 billion) and the remaining 0.23 percent to government financial institutions (P463 million).
Topping the list of companies that received the largest subsidies is the state Social Security System (SSS) with P51 billion, due to the Small Business Wage Subsidy Program implemented by the government to help workers in small and medium enterprises to face the impact. of the measures to block the economy.
Joining SSS was the National Food Authority which received P37.650 billion, followed by the Philippine Health Insurance Corporation with P30.448 billion, the National Irrigation Administration (NIA) with P24.973 billion and the National Housing Authority with P17. 740 billion.
Of the total subsidies granted by the government for September this year, 53.19 percent or P3.805 billion was cornered by major nonfinancial government corporations, 40.33 percent or P2.885 billion by other government corporations and the remaining 6.47 percent or P463 million by government financial institutions.
For the month, NIA got the most subsidies with P2.623 billion, followed by the Base Development and Conversion Authority with P1.03 billion and National Power Corp. with P753 million.
