GOCCs get boost in gov’t subsidy in November
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NewsTranscript
00:00Subsidies to state-owned corporations, or GOCCs, rose to 12.23 billion, up from 6.73 billion a
00:08year earlier. This increase helped bring total GOCC subsidies to 129.44 billion pesos
00:15for the first 11 months of the year, although it fell short of the 222.5 billion target.
00:23The surge was led by major non-financial institutions, which received 11.09 billion
00:30pesos. Government financial institutions also saw a sharp rise in subsidies,
00:35reaching 132 million pesos. However, subsidies to other state-owned firms dropped significantly
00:42to 1.01 billion pesos. The largest subsidy recipients in November were the National
00:48Irrigation Administration and the National Food Authority.