PHL subsidies to GOCCs down 17% in Q1

Government-owned and -controlled corporations (GOCCs) received significantly less subsidies from the national coffers during the first quarter of the year, Bureau of Treasury data released Monday showed. Total subsidies amounted to P4.23 billion in the first three months of the year, down 17 percent from P5.1 billion a year earlier. The bulk of the support funds were to entities engaged in housing, health, and agriculture. In January to March, the National Housing Authority got P1.61 billion, the National Kidney and Transplant Institute received P1.11 billion and the Philippine Coconut Authority took P820 million. In March alone, the GOCCs received P1.16 billion, down 71.7 percent P4.1 billion a year earlier.        For the whole of 2012, the subsidies to GOCCs amounted to P42.15 billion, down 21.5 percent from P53.7 billion year-on-year as the national government made it a priority to boost infrastructure spending to grow the economy.    Last week, the Treasury Bureau reported state spending on infrastructure and capital outlay went up by 50.1 percent to P58.1 billion in the first quarter. — VS, GMA News