Government subsidies to state-run firms shrank to ₱70.3 billion in the first eight months of the year, compared to ₱87 billion in the same period last year, as the Marcos administration scaled back funding for major non-financial and financial government-owned and controlled corporations (GOCCs).
Data from the Bureau of the Treasury (BTr) showed that the 19.3-percent decline in subsidies was driven by a massive reduction in funding support for major state-owned non-financial and fina
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