End-Oct state subsidies hit P20 billion

Posted at 12/03/2012 3:46 PM | Updated as of 12/03/2012 3:46 PM

MANILA, Philippines - Government subsidies to state-owned and controlled companies have exceeded budget as government boosts spending to fuel growth. 

Data from the Bureau of Treasury show state subsidies reached P20.07 billion in the first 10 months, over P2 billion more than the full-year target of P18.17 billion. 

Most of the funding went to eco-zones, trade, health and tourism agencies.

Subsidies rose even after President Aquino signed a law on the management of government companies last year. The GOCC Governance Act is meant to cap the salaries of some state officials. 

In 2011, subsidies to GOCCs hit P53.705 billion, significantly higher than the P21.005 billion in 2010. -ANC