State subsidies up 15% to P23 billion

The government increased its budgetary support to state-run firms by 15 percent to almost P23 billion in the first quarter, with the bulk of the subsidies intended to support irrigation projects.

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Data from the Bureau of the Treasury showed that subsidies to government-owned and controlled corporations (GOCCs) from January to March went up by 15.3 percent to P22.59 billion from P19.59 billion in the same period last year.

During the period, subsidies for other government corporations more than doubled to P9.27 billion. The amount cornered 41 percent of the aggregate.

On the other hand, budgetary support for major non-financial government corporations reached P13.13 billion, down by 14 percent. It covered 58 percent of the entire subsidies.

The remaining one percent or P189 million went to government financial institutions, particularly SB Corp.