By Lee C. Chipongian
The Bangko Sentral ng Pilipinas (BSP) reported a net income of P42.69 billion as of end-November 2018, it is up by 221.7 percent from same time in 2017 of P13.27 billion.
In the BSP’s latest statement of income and expense, it also posted an increase of 244.38 percent in foreign exchange (FX) rate gains of P52.76 billion from P15.32 billion in 2017. FX rate gains are realized gains from FX rate fluctuations.
The BSP had revenues of P61.35 billion as of end-November, 3.9 percent higher year-on-year or from P59.03 billion. Interest income on international reserves and domestic securities contribute to central bank revenues. During the period, interest income fell by 8.21 percent to P69.56 billion.
As for expenses, these dropped by 7.8 percent to P56.28 billion from P61 billion.
As of end-November, the BSP had total assets of P4.61 trillion, up 0.20 percent year-on-year, while total liabilities were 0.81 percent lower to P4.49 trillion.
The BSP is mandated by law to remit 75 percent of their net income to the government while other state-owned corporations are only required to remit 50 percent of their net income.
The central bank had a net income of P22.85 billion in 2017, and P17.81 billion in 2016.