Subsidies to state-run firms declined 23.2 percent in the first nine months of 2024 from a year ago, the Bureau of the Treasury (BTr) said over the weekend.
Data from BTr showed that subsidies from January to September amounted to P105.24 billion, down from P137.12 billion in the same period last year.
Subsidies in September amounted to P18.21 billion, also lower than P21.26 billion in the same period last year.
The lion’s share of the subsidies released to state-run firms in September, amounting to P9.33 billion, went to the Philippine Health Insurance Corp. (PHIC)
This was followed by the National Irrigation Authority (NIA) with P5.49 billion, National Electrification Administration, P1.01 billion; Philippine Crop Insurance Corp., P353 million; Philippine Heart Center, P348 million; Social Housing Finance Corp., P284 million; Philippine National Railways, P171 million; and National Power Corp., P144 million.
The BTr earlier reported a P273.3-billion budget deficit in September 2024, slightly higher than the previous year’s P250.9 billion deficit, according to the Bureau of Treasury (BTr).
The total deficit in the first nine months narrowed by 1.35 percent year-on-year to P970.2 billion. It was 9.08 percent short of the P1.1-trillion program for the nine-month period and represented 65.36 percent of the P1.5 trillion revised full-year program.
The national government revenue collection for September climbed to P299.7 billion, outperforming the previous year’s outturn by 17.32 percent (P44.2 billion).
