Gov't cuts GOCC subsidies to P7.6 B in February

The government reduced its budgetary support to state-run firms by 40 percent to just P7.6 billion in February, with the bulk of the subsidies meant to fund irrigation projects.

- By LOUISE MAUREEN SIMEON

Data from the Bureau of the Treasury showed that subsidies to government-owned and controlled corporations (GOCCs) went down by 40.4 percent to P7.57 billion in February from P12.72 billion in the same month last year.

During the month, budgetary support for major non-financial government corporations plunged by 67 percent to P3.24 billion.

On the other hand, subsidies for other government corporations more than doubled to P4.27 billion from P1.9 billion a year ago.