Philippine Daily Inquirer
10:58 pm | Wednesday, October 31st, 2012
The government gave out P3.1 billion in subsidies to state-owned and -controlled corporations in September, a big part of which was allocated to those engaged in projects related to utilities, housing, irrigation and rice.
Documents from the Bureau of the Treasury show that the amount was 81-percent higher than the P1.7 billion given out in the same month of 2011.
It also brought cumulative subsidies to state firms for the first nine months of this year to P17.9 billion, or 6.3-percent less than the P19.1 billion for the same period last year.
Cumulative expenses on subsidies remained lower than last year’s even as the national government’s total spending went up by 14.5 percent for the nine-month period.
According to Budget Secretary Florencio B. Abad, expenses in September alone rose 14.1 percent due to the improving absorptive capacities of departments and agencies.
Abad said the top five departments with the highest obligation rates against allotments received—or absorptive capacities—in the third quarter were the Department of Public Works and Highways (72 percent), Department of Agriculture (68 percent), Department of National Defense (64 percent), Department of Interior and Local Government (61 percent), and Department of Education (59 percent).
Follow Us
Recent Stories:
Short URL: http://business.inquirer.net/?p=90620
Tags: Business , government subsidies , housing , irrigation , utilities
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
seo tools
No comments:
Post a Comment