BSP earns ₱42.12B in first 10 months

Published December 23, 2019, 12:00 AM

by manilabulletin_admin

By Lee C. Chipongian

The Bangko Sentral ng Pilipinas (BSP) reported a net income of ₱42.12 billion as of end-October, down from same time in 2018 of ₱48.33 billion.

Its foreign exchange (FX) rate gains – which are realized gains from FX rate fluctuations – was also down to ₱14.49 billion during the period compared to ₱51.28 billion last year.

BSP revenues in the first 10 months totaled P104.94 billion which was 88.1 percent higher year-on-year while expenses went up by 36.3 percent to P68.55 billion, based on its latest unaudited financial statement.

The central bank’s amended law or Republic Act 11211 (“An Act Amending Republic Act No. 7653, Otherwise Known as the ‘New Central Bank Act’, and for Other Purposes”) has allowed the BSP to increase its capitalization by P150 billion, or from P50 billion to P200 billion.

This will be funded solely from the declared dividends of the BSP.