Subsidies disbursed to government-owned and -controlled corporations in the first quarter of the year posted a 69.05 percent hike versus its year ago level, data released by the Bureau of the Treasury (BTr) showed.
According to data posted on the BTr website, subsidies from January to March 2022 totaled to P19.3 billion, up from the P11.42 billion released in the same period last year.
The lion’s share of the subsidies released to state-run firms, amounting to P7.7 billion, went to the National Irrigation Administration (NIA), which is responsible for irrigation development and management.
Also among the billionaire recipients are the National Housing Authority (NHA) with P3.19 billion, Bases Conversion and Development Authority (BCDA) with P2.17 billion and the National Food Authority with P1.19 billion.
In March alone, subsidies amounted to P10.75 billion, jumping 180.02 percent from the P3.84 billion posted in the same time in 2021.
NHA was the top recipient for the month with P2.98 billion.
Other major recipients are NIA with P2.57 billion and BCDA with P2.17 billion.
The BTr earlier reported the national government’s budget deficit narrowed to P316.8 billion in the first quarter of the year as revenues posted a double-digit growth, outpacing the increase in expenditures.
According to the BTr’s latest cash operations report, the budget shortfall in the first three months of the year is 1.44 percent lower than the P321.5 billion deficit recorded a year ago.
In March alone, the deficit also narrowed to P187.7 billion, 1.97 percent lower than the P191.4 billion posted in March 2021.
Total revenue collection for the month stood at P293.9 billion, jumping 35.96 percent over last year’s performance of P216.2 billion.
Likewise, the year-to-date collection of P784.4 billion as of end-March improved by 12.62 percent compared to the previous year’s outcome of P696.5 billion.
On expenditures, the national government disbursed P481.5 billion in March, increasing by 18.14 percent from last year’s P407.6 billion
Three months into the year, disbursements reached P1.1 trillion, up by 8.18 percent compared to the P1.02 trillion spent in the same period last year. – Angela Celis
