MANILA, Philippines - The government gave out P3.07 billion subsidies to state-owned and -controlled corporations in the first two months of 2013, according to data from the Bureau of the Treasury.
The amount was double the P1.534 billion government spent in the same period of 2012.
Subsidies are given to state firms to support various projects and initiatives. The funds are considered as expenses in the national government's financial statement.
Over half of the subsidies went to agencies such as the National Housing Authority, the Power Sector Assets and Liabilities Management Corp., the National Food Authority and the National Electrification Administration.
The Department of Budget and Management plans to introduce stricter guidelines for the release of subsidies to state agencies. It also aims to boost expenditures in critical areas. - Rappler.com