Subsidies to state-owned firms surged by 75.06 percent in April, according to a report by the Bureau of the Treasury (BTr), signaling increased financial support from the national government.
Based on data from the BTr, financial support to government-owned and -controlled corporations (GOCCs) jumped to P8.96 billion in April from P5.12 billion in the same month last year.
Top recipients for the said month were the National Irrigation Administration with P3.88 billion and the National Food Authority with P2.02 billion.
Cumulatively, GOCC subsidies amounted to P30.27 billion by the end of April, 3.58 percent lower than the same period a year ago.
These subsidies play a crucial role in supporting state-owned and -controlled firms, enabling them to fulfill their respective mandates and effectively contribute to the nation’s development.
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