Gov’t subsidies to GOCCs at P55.82B as of September
According to data released by the Bureau of the Treasury last week, the financial support released to state-run firms in the 9 month period was 10.27% lower than the P62.21 billion ( $1.319 billion) given in the same period a year ago.
The Philippine Health Insurance Corporation (Philhealth) received the biggest share of P32.59 billion ($691.1 million).
The National Housing Authority (NHA) got the second largest amount with P4.41 billion ($93.52 million) in order to cover the requirements of its housing and resettlement programs for informal settlers. (READ: Super Typhoon Yolanda recovery halfway done - NEDA)
This is followed by the National Food Authority with P4.25 billion ($90.13 million), the Power Sector Assets and Liabilities Management Corporation (PSALM) with P3.79 billion ($80.37 million), and the National Electrification Administration with P1.96 billion ($41.56).
For the month of September, government subsidies to GOCCs totaled to P729 million ($15.46 million), 75.41% lower than the P2.97 billion ($62.98 million) given in the same month in 2014.
The National Irrigation Administration received bulk of the amount released with P271 million ($5.747 million).
This is followed by the Social Housing Finance Corporation and the Small Business Guarantee and Finance Corporation with P188 million ($3.987 million) and P50 million (1.060 million), respectively.
The Philippine Children's Medical Center received P43 million ($911,952), while the Cultural Center of the Philippines (CCP) got P34 million ($721,078).
The data released last week also showed that the government's spending as of end-September still fell below target by 14% despite efforts to ramp up spending.
Government expenditures as of end-September totaled P1.63 trillion ($34.56 billion) against the target of P1.91 trillion ($40.93 billion). It however saw an increase of 12% on the P1.46 trillion ($30.96 trillion) spent in the same period a year ago.
"There will be more acceleration in the last quarter. It improves as we go along, so the last quarter will be better than the third," Budget Secretary Florencio Abad said on the sidelines of the Yolanda rehabilitation and recovery joint press briefing held on Nov 5.
"Normally towards the end of the year, traditionally, because it's Christmas, there's greater urgency to get projects done. Second, with the upcoming elections, there's greater pressure to finish projects. We've also dealt with many of the bottlenecks, so those three things combined will further boost spending in the last quarter," he added. – Rappler.com
$1 = P 47.15