State subsidies fall 83% in February

Posted at 04/09/2012 3:40 PM | Updated as of 04/09/2012 6:34 PM

MANILA, Philippines - State subsidies to government-owned and controlled corporations (GOCC) fell by more than 80% in February, as the Aquino administration tries to cut GOCC officials' bloated salaries and make state-run companies self-reliant.

The subsidies reached P540 million in February, down from last year's P3.2 billion.

Almost a third of the amount went to the National Irrigation Administration (NIA) with P172 million. Some P99 million went to the Philippine Coconut Authority.

The rest of the subsidies went mostly to food and health agencies such as Philippine National Railways (P38 million), Philippine Children Medical Center (P31 million), Philippine Rice Research Institute (P28 million), Philippine Heart Center (P25 million) and National Kidney and Transplant Institute (P23 million).

This year, the government has allotted P18.171 billion in subsidies to GOCCs. - With ANC