Business World Online
Posted on May 01, 2011 09:52:00 PM
SUBSIDIES to state firms more than doubled in the first quarter from a year ago, data from the Bureau of Treasury showed.
The government released P7.073 billion in subsidies to government-owned and -controlled corporations, up 112.79% from the P3.324 billion spend on these firms in the same period last year.
In March alone, these subsidies increased by an annual 10.7% to P2.757 billion.
The biggest recipient in the first quarter was the National Food Authority (NFA), which received P2.5 billion in March alone. This was to fund palay procurement, as the agency has targeted to buy as much as 870,000 metric tons of palay from farmers this year.
The NFA was followed by the National Power Corp. The state power firm got P2 billion for its Small Power Utilities Group, as the government stepped in to prevent its small power plants in far-flung areas across the country from running out of fuel.
The National Livelihood Development Corp. received P28 million in March to take its first-quarter total to P877 million.
The National Housing Authority got P574 million, while the Bases Conversion and Development Authority received P123 million in March for a total of P424 million in the first quarter.
The Philippine National Railways got P250 million.
Government corporations focused on health care received sizeable amounts in the first quarter as well: the Philippine Children’s Medical Center got P94 million; the Philippine Health Insurance Corp., P66 million; the Philippine Heart Center, P57 million; the National Kidney and Transplant Institute, P45 million; and the Lung Center of the Philippines, P24 million.
The Philippine Coconut Authority received P45 million in the first quarter, while the Tourism Promotions Board and the Cultural Center of the Philippines got P16 million each.
The Philippine Forest Corp. received P15 million and the National Electrification Administration, P14 million.
Trade-related government firms received some of the smallest subsidies: the Southern Philippines Development Authority got P15 million; the Center for International Trade Expositions and Missions, P7 million; the Aurora Special Economic Zone Authority, P4 million; the Zamboanga City Special Economic Zone Authority, P4 million; and the Cottage Industry Technology Center, P2 million.
The Philippine Rice Research Institute got P8 million in the first quarter, while the Philippine Institute for Development Studies received P4 million in March to bring its total take to P6 million.
Rounding up the list were the National Dairy Authority with P4 million, as well as the Philippine Institute of Traditional and Alternative Health Care and the Local Water Utilities Administration with P3 million each.
Subsidies to state firms form part of the government’s expenditures, which totaled P349.275 billion in the first quarter, about P81.9 billion below its P431.257-billion ceiling set for that period.
Expenditures declined by an annual 12.68% to P349.275 billion.
The government aims to keep its expenditures to P1.711 trillion this year.
With revenues targeted at P1.411 trillion, it hopes to cap its fiscal deficit at P300 billion, equivalent to 3.2% of the country’s gross domestic product. --Diane Claire J. Jiao
In March alone, these subsidies increased by an annual 10.7% to P2.757 billion.
The biggest recipient in the first quarter was the National Food Authority (NFA), which received P2.5 billion in March alone. This was to fund palay procurement, as the agency has targeted to buy as much as 870,000 metric tons of palay from farmers this year.
The NFA was followed by the National Power Corp. The state power firm got P2 billion for its Small Power Utilities Group, as the government stepped in to prevent its small power plants in far-flung areas across the country from running out of fuel.
The National Livelihood Development Corp. received P28 million in March to take its first-quarter total to P877 million.
The National Housing Authority got P574 million, while the Bases Conversion and Development Authority received P123 million in March for a total of P424 million in the first quarter.
The Philippine National Railways got P250 million.
Government corporations focused on health care received sizeable amounts in the first quarter as well: the Philippine Children’s Medical Center got P94 million; the Philippine Health Insurance Corp., P66 million; the Philippine Heart Center, P57 million; the National Kidney and Transplant Institute, P45 million; and the Lung Center of the Philippines, P24 million.
The Philippine Coconut Authority received P45 million in the first quarter, while the Tourism Promotions Board and the Cultural Center of the Philippines got P16 million each.
The Philippine Forest Corp. received P15 million and the National Electrification Administration, P14 million.
Trade-related government firms received some of the smallest subsidies: the Southern Philippines Development Authority got P15 million; the Center for International Trade Expositions and Missions, P7 million; the Aurora Special Economic Zone Authority, P4 million; the Zamboanga City Special Economic Zone Authority, P4 million; and the Cottage Industry Technology Center, P2 million.
The Philippine Rice Research Institute got P8 million in the first quarter, while the Philippine Institute for Development Studies received P4 million in March to bring its total take to P6 million.
Rounding up the list were the National Dairy Authority with P4 million, as well as the Philippine Institute of Traditional and Alternative Health Care and the Local Water Utilities Administration with P3 million each.
Subsidies to state firms form part of the government’s expenditures, which totaled P349.275 billion in the first quarter, about P81.9 billion below its P431.257-billion ceiling set for that period.
Expenditures declined by an annual 12.68% to P349.275 billion.
The government aims to keep its expenditures to P1.711 trillion this year.
With revenues targeted at P1.411 trillion, it hopes to cap its fiscal deficit at P300 billion, equivalent to 3.2% of the country’s gross domestic product. --Diane Claire J. Jiao
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