The government reduced its subsidies to state-owned and controlled corporations (GOCCs) by 19.9% in the first ten months of 2024, allocating a larger share of the funds to irrigation projects.
According to data from the Bureau of the Treasury, subsidies for GOCCs totaled P117.21 billion from January to October, down from P146.32 billion during the same period in 2023. The decline is attributed to the government’s efforts to streamline fiscal spending.
Subsidies for other government corporations fell by 56.2% to P34.71 billion, accounting for 29.6% of the total subsidies, down from 54.2% a year earlier.
In contrast, support for major non-financial government corporations rose 15.8% to P77.06 billion, comprising 65.7% of the total subsidies, up from 45.5% last year.
The National Irrigation Administration (NIA) was the largest recipient, receiving P60.21 billion, or 51.4% of the total GOCC subsidies. This marked a 67.6% jump from the P35.92 billion allocated to the agency during the same period in 2023.
The increased funding for NIA underscores the government’s focus on boosting agricultural infrastructure, particularly irrigation, as part of efforts to enhance food security.
The Philippine Health Insurance Corporation (PhilHealth) received P9.6 billion in subsidies, a sharp decline of 81% from the P50.75 billion allocated last year. The drop follows the Department of Finance’s decision to return P89.9 billion in unused funds from the previous year, with P60 billion already transferred back to the Treasury.
The Power Sector Assets and Liabilities Management Corporation (PSALM) received P8 billion, a 60% increase from the previous year. Other significant recipients included the National Housing Authority, National Food Authority, National Electrification Administration, and Bases Conversion and Development Authority.
Smaller subsidies were allocated to entities such as the Philippine Center for Economic Development, which received P28 million, and the Zamboanga City Special Economic Zone Authority, which received P39 million.
