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BSP reports lower net income

The Bangko Sentral ng Pilipinas (BSP) reported a lower net income of P14.04 billion from January to May, compared to same period in 2019 of P27.91 billion.

The BSP’s net foreign exchange (FX) gains was just P2.09 billion from P8.10 billion last year. The FX rate fluctuations come from its foreign currency transactions such as FX investments, servicing of maturing obligations and derivatives.

Based on its latest statement of income and expense, the central bank’s revenues in the first five months decreased by 25.8 percent year-on-year to P40.52 billion while expenses also slipped by 10.1 percent year-on-year to P28.57 billion.

The BSP’s interest income amounted to P33.04 billion from P44.49 billion while interest expenses were almost unchanged at P17.43 billion from P17.67 billion previously.

As of end-May, the BSP’s total assets were up 14.6 percent to P5.948 trillion from P5.191 trillion end-May 2019. These assets are primarily the international reserves.

The central bank’s total liabilities – mostly deposits and issued currencies — also increased by 14.9 percent to P5.804 trillion from P5.050 trillion last year. During this period, two the BSP’s open market operations reported higher volume, namely the overnight deposit facility (ODF) and the term deposit facility (TDF). The ODF grew from P11.64 billion to P816.39 billion while the TDF increased from P57.48 billion to P150.03 billion.

The BSP also reported a slightly higher net worth of P144 billion compared to P141 billion same time in 2019. So far, the BSP has remitted about P46.96 billion to the Duterte administration. Last March, it paid dividends worth P20 billion despite that based on the amended BSP Charter, it is no longer required to remit dividends to the government. The dividends was remitted to add to the government’s war chest against COVID-19.

Credit belongs to : www.mb.com.ph

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