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SUBSIDIES to government owned and controlled corporations (GOCCs)
and government financial institutions (GFIs) nearly doubled last
year despite the Department of Finance’s efforts to minimize state
support to these firms.
The combined subsidy extended to GOCCs and GFIs
jumped 98 percent to P27.33 billion from P13.81 billion in 2006.
Last year’s state support exceeded the programmed P18.41 billion
by P8.92 billion.
Leading the state-owned firms that enjoyed hefty
subsidies were Land Bank of the Philippines, which Finance Secretary
Margarito B. Teves chairs. Land Bank, which received P5.65 billion
in subsidy, required the support to fund the Comprehensive Agrarian
Reform Program.
Trailing the lender were the National
Electrification Administration (NEA), which received P2.73 billion,
and the National Food Authority (NFA), which took in P2.21 billion.
The subsidy extended to NEA was aimed at helping
finance the government’s missionary electrification projects
nationwide. State support extended to NFA was meant to allow that
firm to meet its mandate of buying high from grains producers while
selling low to consumers.
Also net recipients of state financial support
were the Philippine Health Insurance Corp., which received P2.06
billion, and the Livelihood Resource Center, which enjoyed a
P1.8-billion subsidy.
Other subsidy recipients and the amounts
involved were as follows: Philippine National Railways, P1.11
billion; Bases Conversions Development Authority, P1 billion,
National Power Corp., P985 million; and Light Rail Transit Authority
P981 million.
-- Chino S. Leyco
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