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Agri sector gets bulk of subsidies in October
The Philippine Star
|December 04, 2023
The government slashed its budgetary support to state-run firms by close to 80 percent to just P9.2 billion in October, with the bulk of the subsidies going to the agriculture sector.
Data from the Bureau of the Treasury showed that subsidies to government-owned and controlled corporations (GOCCs) in October dropped by 77 percent to P9.19 billion from P39.92 billion in the same period last year.
During the month, budgetary support for major non-financial government corporations reached P8.18 billion, down by 55 percent.
On the other hand, subsidies for other government corporations plummeted by 95 percent to P1.01 billion from P21.82 billion a year ago.
The government grants subsidies to GOCCs as a way to cover operational expenses that are not supported by their own revenue.
This story is from the December 04, 2023 edition of The Philippine Star.
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