Subsidies to state-owned corporations surge 355.7% in April

Subsidies extended to government-owned and -controlled corporations (GOCCs) surged to P66.28 billion in April, a 355.7% increase from the same period last year, according to the Bureau of the Treasury as reported by BusinessWorld.

Month on month, GOCC subsidies also rose sharply by 265.2%. State-owned firms receive monthly subsidies from the National Government when their own revenues are insufficient to cover operational expenses.

The significant increase in April subsidies highlights the growing fiscal support needed by state corporations amid ongoing economic pressures.