MANILA, Philippines – Subsidies granted by the National Government to state-owned firms amounted to P191 million in February, significantly lower than the P1.82 billion given out in the same month a year ago.
A big chunk of the amount was allocated to healthcare and showcasing the country’s products, according to data from the Department of Finance.
The Center for International Trade Expositions and Missions (CITEM), an export promotions agency of the Department of Trade and Industry, was the top recipient of subsidies with P48 million. Its thrust is to promote the Philippines as a reliable source of high-quality products and services through trade fairs, special exhibits, in-store promotions, trade missions, and other promotional activities here and abroad.
The Philippine Children Medical Center received the second biggest allocation with P43 million followed by the National Kidney Transplant Institute (P32 million) and the Lung Center of the Philippines (P29 million).
The funding support was in line with the Aquino administration’s goal to provide good-quality healthcare services for all Filipinos.
Other recipients included Philippine Television Network Inc. (PTNI) which got P17 million and the Zamboanga City Special Economic Zone Authority with P8 million.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
PTNI is the flagship government broadcasting firm under the management of the Presidential Communications Operations Office.
In March 2013, President Aquino signed Republic Act 10390 whereby the government committed to inject P5 billion into PTNI to revitalize the station and make it “digital competitive”.
Total subsidies for the first two months of the year reached P858 million, down 59.3 percent from the P2.11 billion released in the same period last year.
