Govt subsidies up 7%
The government reduced its financial assistance to government-owned and -controlled corporations by 7 percent to P55.09 billion in the first eight months of the year from P59.24 billion year-on-year.
Philippine Health Insurance Corp. was the top recipient of the state assistance with P32.594 billion.
The National Housing Authority was second with P4.414 billion after funding the housing projects of the Armed Forces of the Philippines and the Philippine National Police.
The National Food Authority was third-biggest recipient of state subsidy with P4.25 billion, followed by Power Sector Assets and Liabilities Management Corp. with P3.789 billion and National Electrification Authority with P1.955 billion.
The subsidies released in August nearly tripled to P8.802 billion from P3.075 billion in 2014 and P2.318 billion in the previous month.
The NHA was the biggest recipient for the month, receiving all P4.414 billion. PSALM also received the bulk of its share amounting to P3.789 billion.