BSP’s 10-month income plunges by 75% due to higher expenses

BSP’s 10-month income plunges by 75% due to higher expenses

THE PHILIPPINE central bank’s 10-month net income ended October fell by 75% to P21.59 billion from a year earlier due to higher spending, according to data posted on its website.

Expenses rose by 65.9% to P174.48 billion, while interest expenses more than doubled to P138.77 billion.

The Bangko Sentral ng Pilipinas (BSP) did not provide income data for October alone.

It recognized P51 billion in net gain from foreign exchange (FX) rate fluctuations during the 10 months, 33.8% lower than a year ago.

The BSP records gains or losses from fluctuations in FX rates arising from its foreign currency-denominated transactions.

Meanwhile, revenue rose by 24.9% year on year to P145.1 billion, much of it coming from interest income from foreign investments and government securities.

BSP’s 10-month interest income rose by 29.8% to P162.98 billion from a year earlier.

The central bank posted a miscellaneous net loss of P17.89 billion as of end-October, compared with P9.44 billion in net loss a year earlier.

Total central bank assets went up by 2.3% to P7.483 trillion in January to October from a year ago, while liabilities inched up by 1.9% to P7.363 trillion.

BSP’s net worth stood at P119.8 billion at the end of October, 40.4% higher than a year earlier.

The central bank’s net income rose by 87.6% to P63.73 billion in 2022 from a year ago. — Keisha B. Ta-asan