6 months Gov’t subsidies drop 79% in Q1 on reenacted budget MB |Biz
By Chino S. Leyco State subsidies to government -owned and -controlled corporations (GOCCs) nosedived in the first three months of the year after the Duterte administration operated under a reenacted budget during the period. Data from the Bureau of the Treasury showed that national government’s subsidies to GOCCs declined by 79 percent in January to March this year to P9.3 billion from P45.29 billion in the same period last year. In March alone, subsidies dropped 84 percent year-on-year to P5.74 billion from P35.24 billion in the same month last year. Based on the Treasury report, bulk of subsidies at ... more