State firms' subsidies cut to P117.21 B in 10 months

The government further reduced its budgetary support to state-run firms by nearly 20 percent in the 10 months to October, with the bulk of the subsidies allocated 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 October fell by 19.9 percent to P117.21 billion from P146.32 billion in the same period last year.

During the period, subsidies for other government corporations dropped by 56.2 percent to P34.708 billion from P79.27 billion a year ago. This category accounted for 29.6 percent of the total.