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By Chino S. Leyco Reporter
SUBSIDIES to government owned and
controlled corporations (GOCCs) and
government financial institutions (GFIs) dropped significantly last
January.
The combined subsidy extended to
GOCCs and GFIs dipped to P751 million from P1.419 billion in the
same period last year. In 2007, state subsidies reached P27.33
billion, or exceeded the programmed P18.41 billion.
Among the state-owned firms that
enjoyed hefty subsidies were the National Housing Authority (NHA),
which received the bulk at P500 million. Trailing it was the
Technology Resource Center, which received P60 million, and the
Philippine National Railways, which took P33 million in state
support.
Other net recipients of state
financial support were the National Kidney and Transplant Institute,
which received P23 million, and the Philippine Children’s Medical
Center, which enjoyed a P20 million subsidy.
Other subsidy recipients and the
amounts involved were as follows: Philippine Coconut Authority, P19
million; Philippine Heart Center, P15 million; Cultural Center of
the Philippines, P14 million; and National Tobacco Administration,
P10 million.
The lower subsidies allowed the
government to register a P13.9 budget deficit, lower than P29.7
billion recorded in the same month a year ago.
The finance department said this
was due to better tax collection and a slight decline in
expenditures on lower interest payments.
Revenues amounted to P87 billion,
higher by 19.7 percent from last year’s collection of P72.7
billion. Of that amount, the Bureaus of Internal Revenue, of
Customs, and of Treasury accounted for P56.7 billion, P14.7 billion
and P6.2 billion, respectively.
Total disbursements during the
month amounted to P100.9 billion, or 1.4 percent lower compared with
the P102.4 billion in the same period last year, as interest
payments likewise dropped 7 percent to P30 billion from P32.3
billion year on year.
This year, the government is set
to balance its budget after bridging its fiscal gap to P12.4 billion
last year.
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