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MANILA, Philippines – Government subsidies to state firms soared more than quadrupled to an all-time high in April, driven mostly by the return of P60 billion to the Philippine Health Insurance Corp. (PhilHealth).
Latest data from the Bureau of the Treasury showed subsidies extended to government-owned and -controlled corporations (GOCCs) jumped 355.7 percent to P66.3 billion in April from P14.5 billion in the same month last year.
READ: P60-B ‘excess funds’ returned to PhilHealth
PhilHealth alone accounted for more than 90 percent of the month’s total subsidy releases, making it the primary driver of the increase. It also marked the first subsidy extended to the state health insurer this year.
