January 3, 2024

Philippines directed more than 60% of subsidies to agriculture last November

The Philippines increased its budgetary support to state-run firms by almost 10% to ₱6.73 billion (US$120 million) last November, with the bulk of the subsidies going to the agriculture sector.

Data from the Bureau of the Treasury showed that subsidies to government-owned and controlled corporations (GOCCs) in November rose by 9.16% to ₱6.73 billion from ₱6.17 billion in the same period in 2022.

The government grants subsidies to GOCCs as a way of covering operational expenses that are not supported by their own revenues.

For November, more than 60% of the total subsidies went to support the agriculture sector, specifically the National Irrigation Administration (NIA) and the National Food Authority (NFA).

NIA got the biggest allocation at ₱2.52 billion (US$45 million), up 24% from the ₱2.04 billion it received in the same period in 2022. NFA secured the second highest subsidy at ₱1.67 billion (US$30.5 million).

- Philstar