GOCC subsidies rise in Nov

The government jacked up its budgetary support to state-run firms by 81.6 percent to P12.23 billion in November last year, with the bulk going to the irrigation sector, according to the Bureau of the Treasury.

- By KEISHA TA-ASAN

Data from the Treasury showed that subsidies to government-owned and controlled corporations (GOCCs) in November soared from P6.73 billion in the same month in 2023.

During the month, budgetary support for major non-financial government corporations reached P11.09 billion, more than double from P4.61 billion a year ago. But subsidies for other government corporations fell by 52.4 percent to P1.01 billion from P2.13 billion.

The government grants subsidies to GOCCs to cover operational expenses that are not supported by their own revenues.