GOCC subsidies down by 80.1% - BusinessWorld bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
March 7, 2021 | 7:49 pm Font Size
PHILSTAR
SUBSIDIES PROVIDED to government-owned and -controlled corporations (GOCCs) rose 14.34% in 2020 to P230.418 billion, with close to half going to the Philippine Health Insurance Corp. (PhilHealth) and the Social Security System (SSS), which implemented a wage subsidy program designed to keep workers employed during the pandemic.
The subsidy totals were released by the Bureau of the Treasury over the weekend.
The overall subsidies exceeded the reduced P191-billion budget for the year by 53%.
In December, subsidies rose 68% to P42.561 billion.
Some P113 billion went to PhilHealth and the SSS, with the former receiving support for its increased coverage for coronavirus disease 2019 (COVID-19) cases and the pension fund implementing the wage subsidy program.
Pangasinan officials laud PCOO for truthful and reliable info philippinetimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from philippinetimes.com Daily Mail and Mail on Sunday newspapers.