Manila Times.net
By Katrina Mennen A. Valdez, Reporter
FINANCIAL support to state-owned firms shot up nine times from a year ago amid a bigger outlay for debt-saddled National Power Corp. (Napocor).
Data from the Bureau of the Treasury showed the national government extended P3.19 billion in subsidies to government owned or controlled corporations (GOCCs) in February, or way above the aid released during the same month last year.
The February subsidy likewise was more than double the P1.12 billion released the month before.
The top recipient was Napocor’s Small Power Utilities Group (SPUG), which received P2 billion. This was in line with the government’s move to address the fuel supply run-out in small power plants located in off-grid areas.
The Department of Budget and Management released the fund in February in response to Napocor’s request for the reimbursement of at least half of the P4.367 billion it had advanced for the preservation and maintenance of mothballed Bataan Nuclear Power Plant.
The fund was meant to settle Napocor’s overdue fuel payables, which already reached P1.3 billion, while the remainder was for the payment of fuel deliveries until last month.
Trailing Napocor was National Housing Authority, which received P574 million in February, and the Bases Conversion and Development Authority, which took in P301 million.
The National Livelihood Development Center (NLDC) received P250 million after the P599 million subsidy given in January. The Aquino administration augmented its budget support to livelihood programs as part of efforts to alleviate poverty.
In February last year, only NLDC, National Kidney and Transplant Institute, and Philippine Heart Center received subsidies amounting to P30 million, P2 million and P2 million, respectively, for total subsidies of only P34 million.
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